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Pension Credits & savings

5 replies

Wolla1974 · 02/11/2024 18:00

My parents (76 & 78) receive pension credit and attendance allowance (both).
My mum has just told me that she's worried that they may stop the PC because of their savings which has crept up to £19k
Having looked into it I know this isn't the case and they will treat the £9k above the threshold as weekly income at £1 per £500.
My question though is, when they declare this as a change of circumstances, will DWP look into their accounts and take back payments for however long the savings have been there?
And how often would they need to inform DWP as the savings will fluctuate from month to month.
Thanks for any help/advice

OP posts:
TheRutshireWI · 02/11/2024 18:15

They should have reported it as soon as it went over 10k. It's possible they will ask for bank statements and each change can be reported by post or phone. They will have to pay back any monies that have been overpaid.

Going2TheLicalShop · 02/11/2024 21:08

Attendance allowance is not means tested

Miley1967 · 03/11/2024 01:44

Yes they will need to report when it went past 10k and they will likely ask for bank statements. The exception ( as I understand it) is for some very old people who are on an assessed income period whose savings are not assessed until the end of a set period of time. I had a client a few weeks ago who was on one of these and I was worried as his savings had gone up to 39k and he hadn't reported it but in the end it didn't matter. It seems absolutely crazy that some people on this old system don't have to report savings whilst others do. It will say on their pension credit award letter if they are on one of these assessed income periods and should say the end date of it. I would give them a ring anyway to check they have the correct information.

Miley1967 · 03/11/2024 01:47

Going2TheLicalShop · 02/11/2024 21:08

Attendance allowance is not means tested

No but Pension credit is which is what op is asking about.

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