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Pension Credit when savings have gone over £10K


jazztheman
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My mum was recently admitted to a care home she is 94 and has early dementia. Previously she was receiving her state pension and pension credit (guaranteed element). She has been requested by the DWP to have a financial assessment due to the change of circumstances i.e going to a care home, previously she was renting privately.

 

What was unknown that her savings have risen just over the £10,000 that the DWP needs to be informed about regarding Pension Credit. I have spoken to the DWP because I have now been assigned to handle her benefits etc.. Because her savings have gone over the 10K what is likely to happen? Will she be taken off Pension Credit Guaranteed and put on Pension Credit Savings?

 

We have been talking about getting a pre-paid funeral plan which will bring her savings back down to below the £10K figure, would this be a wise thing to do?

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Generally speaking, £1 of SPC per week is deducted for each £500 (or part thereof) of savings over £10,000. As Nystagmite says, unlike working age benefits there is no upper limit to the amount of savings one can have, except that eventually SPC entitlement may be reduced to £0.

 

If she spends some of the money, a Decision Maker will have to decide whether or not "deprivation of capital" applies - that is, was the expenditure reasonable and was the money spent in order to qualify for benefits. I would not like to be the DM who decided that a 94 year old woman could not prepay for her funeral without losing benefit, but each case is decided on its merits. If deprivation of capital was found to apply, she would be treated (for benefit purposes) as if she still had the money when her entitlement is calculated.

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