How we work out your benefit - your capital
Who can claim?
If you have less than £6,000 savings or are 60 and over with less than £10,000 savings or you are getting...
- Income Support
- Income Based Job Seekers Allowance
- Income Related Employment and Support Allowance
- The Guarantee Credit part of Pension Credit
...we ignore any savings when we work out your benefits.
Less than £16,000?
- You can claim benefits from us even if you have savings or investments, as long as you have less than £16,000.
- If you have a partner your capital is added together. Your joint capital must be less than £16,000 to claim.
- If your capital is more than £6,000 but less than £16,000, your benefits may be affected. The way they are affected depends upon whether you are under 60 or over 60 years of age.
More than £16,000?
- However you can have more than £16,000 if you are receiving the Guarantee Credit part of Pension Credit or are claiming second adult rebate.
Under 60 (working age)
- We add £1 to your weekly income figure for each £250 or part of £250 you have over £6,000. Any amount we have added in this way is shown on your letter.
- For example: if your savings are £11,325 we would add £3 per week to your income.
- Any savings under £6,000 are ignored
Over 60 (pension age)
- We add £1 to your weekly income figure for each £500 or part of £500 you have over £10,000. Any amount we have added in this way is shown on your letter.
- For example: if your savings are £11,325 we would add £3 per week to your income.
- Any savings under £10,000 are ignored
More on how we work out your benefit
Email this pageLast modified by: Jon Barnett on 07/12/2009