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Limit for savings
12 years 10 months ago #57511 by Survivor
Replied by Survivor on topic Re: Limit for savings
For means-tested benefits, it works like this.
If you have less than £6000, it does not affect your benefits.
If you have over £16000, you do not get any means-tested benefit.
If you have between £6000 and £16000, you will be deemed to have a notional income from it and this will be deducted from your benefit.
If you are of working age, this figure is £1/week for every £250. If you are of pensionable age, this figure is £1/week for every £500. If you are between 60 and 65, someone else will have to tell you whether it's £250 or £500 that applies, because I've forgotten.
You will see that the notional income bears no relation whatsoever to what income you could actually derive from investing your money.
If you have less than £6000, it does not affect your benefits.
If you have over £16000, you do not get any means-tested benefit.
If you have between £6000 and £16000, you will be deemed to have a notional income from it and this will be deducted from your benefit.
If you are of working age, this figure is £1/week for every £250. If you are of pensionable age, this figure is £1/week for every £500. If you are between 60 and 65, someone else will have to tell you whether it's £250 or £500 that applies, because I've forgotten.
You will see that the notional income bears no relation whatsoever to what income you could actually derive from investing your money.
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