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Total savings allowed?

 
 
nobody@wheelacc.co.uk
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      05-16-2007, 12:18 AM
How much are a married couple over 60 allowed to have in their bank
account before it affects their income support/community charge etc?
nosher
 
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Marvin
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      05-16-2007, 11:37 AM
On 16 May, 01:18, (E-Mail Removed) wrote:
> How much are a married couple over 60 allowed to have in their bank
> account before it affects their income support/community charge etc?
> nosher


For Housing Benefit, Council Tax, Income Support, Pension Credit joint
savings begin to affect benefits at 6,000.
For every 500 chunk above 6,000 there is an assumed income from the
savings of 1.
The assumed income leads to reduced benefit.

e.g.
if savings are 6,001 to 6,500 the assumed income is 1
if savings are 6,501 to 7,000 the assumed income is 2
if savings are 7,001 to 7,500 the assumed income is 3
if savings are 7,501 to 5,000 the assumed income is 4

This continues up to 16,000 joint savings. Above 16,000 entitlement
to some benefits ceases altogether - EXCEPT for Pension Credit cases.
Pension Credit does not have an upper limit - but the assumed income
keeps climbing by 1 per 500 until entitlement ceases due to excess
income.

ALSO - Housing Benefit and Council Tax Benefit entitlement is not
affected by savings over 16,000 SO LONG AS the couple qualify for
Guarantee Credit (one of the components of Pension Credit). If they
don't qualify for Guarantee Credit them HB & CTB cease.

 
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nobody@wheelacc.co.uk
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      05-16-2007, 11:22 PM
On 16 May 2007 04:37:33 -0700, Marvin <(E-Mail Removed)>
wrote:

>On 16 May, 01:18, (E-Mail Removed) wrote:
>> How much are a married couple over 60 allowed to have in their bank
>> account before it affects their income support/community charge etc?
>> nosher

>
>For Housing Benefit, Council Tax, Income Support, Pension Credit joint
>savings begin to affect benefits at 6,000.
>For every 500 chunk above 6,000 there is an assumed income from the
>savings of 1.
>The assumed income leads to reduced benefit.
>
>e.g.
>if savings are 6,001 to 6,500 the assumed income is 1
>if savings are 6,501 to 7,000 the assumed income is 2
>if savings are 7,001 to 7,500 the assumed income is 3
>if savings are 7,501 to 5,000 the assumed income is 4
>
>This continues up to 16,000 joint savings. Above 16,000 entitlement
>to some benefits ceases altogether - EXCEPT for Pension Credit cases.
>Pension Credit does not have an upper limit - but the assumed income
>keeps climbing by 1 per 500 until entitlement ceases due to excess
>income.
>
>ALSO - Housing Benefit and Council Tax Benefit entitlement is not
>affected by savings over 16,000 SO LONG AS the couple qualify for
>Guarantee Credit (one of the components of Pension Credit). If they
>don't qualify for Guarantee Credit them HB & CTB cease.


Thank you very much for taking the time to post a very helpful post.
 
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