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Derivation of Capital

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5 years 10 months ago #212438 by KathyS
Derivation of Capital was created by KathyS
Hello I hope someone could clarify something for me as I think I am now over reading things.

I may be about to be made redundant. If I am given a redundancy payment of say 10K and immediately paid down our mortgage with it - would we be likely to have a successful claim for Pension Credit, assuming we meet all other criteria (which I believe we would).

Also I'm not sure what the level of savings you can have to still qualify for Pension Credit - not clear whether it is 6K or 16K.

As always thank you so much for your help with this.

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5 years 10 months ago #212451 by Gordon
Replied by Gordon on topic Derivation of Capital
Kathy

The rules on Deprivation of Capital are quite confusing and usually subject to the views of a Decision Maker.

Whilst I can't state it for certain, repaying a loan early is one of the things that is often counted as deprivation.

The savings limit for Pension Credit is £10,000 followed by a £1/week deduction for every £500 of savings in excess.

Gordon

Nothing on this board constitutes legal advice - always consult a professional about specific problems
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