My wife and I are both claiming our state pensions my wife gets both parts of the daily living element of PIP I get DLA at the middle rate we both get the underlying element of carers allowance and also Pension Credit Guaranteed Credit how much savings are we allowed to have as some people say 16k and other 10k.
Both are correct depending on which means tested benefit we are talking about.
Most means-tested benefits are only paid to people with less than £16,000 in savings (tax credits and the guarantee element of Pension Credit are not affected by this rule).
If you (and your partner) are under Pension Credit age and have total capital over £6,000 then the government assumes you receive £1 per week for every £250 of capital you have above £6,000.
If you are over Pension Credit age the government assumes you receive £1 per week for every £500 of capital or part over the £10,000. There is currently no upper limit, you may have deemed income from capital. What this means is if you have £12,005 capital you will be treated as having £5 a week income.
Gary
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