Pension credit

marcus93
marcus93 Online Community Member Posts: 31 Listener
in Benefits and income
Hi please can you tell me if your on pension credit and have saving about £28,000 what happens can pension credit do a review ect or will I have to pay back money to them. 

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  • poppy123456
    poppy123456 Online Community Member Posts: 64,456 Championing
    When claiming pension credit the savings limit is £10,000. For every £500 or part thereof over that amount there's a £1/week deduction. For savings of £28,000 this would be a deduction of £36/week. You must report the changes. If there's an overpayment then yes you will need to repay it. There may also be a small fine on top for not reporting the changes.

    If your savings mean there's no entitlement to pension credit then this could also affect any housing benefit and/or council tax reduction you maybe claiming.

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