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fer34555
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hi a question on behalf of a friend who was worrying about savings the question is two fold

 

bit of background and the two queries -

 

my friends who is on benefits - JSA uses his bank account for a close relative to have their state pension to be paid into, now with regards to the £6000 - £16000 savings threshold i.e. if her pension accumulates over time tor 6k or 16k don't apply here is that correct firstly for him as its her benefit being paid into his account not his benefits he gets JSA not a state pension and as its her state pension and unlike JSA he does not need to let her know if it goes over 6k as she's on a state pension unless she applies for any mean tested benefits like pension credit also she does not claim HB or CTB

 

thank you in advance for any responses

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Someone who knows more than me will be along but instinct tells me that if the job centre calls him in he will be asked what the payments are for and does he with draw the pension to give to his relative? Secondly if the money attracts interest it may be picked up by the HRMC If the account is in his name he would have to prove it isn't his savings. Thirdly if the relative is saving the pension in his account to avoid having savings that take them over the savings thresh hold in order to claim housing benefit council tax relief etc then they might regard that as an attempt to defraud although I understand that she isn't claiming other benefits at the moment. I am just pointing out the pitfalls you understand

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Why is it not possible for the relative to have their own account ?

 

I think this might end up causing problems for both of you.

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ok thanks for the reply as I understand it in general one can get their benefits paid into another's account - someone they trust like a close relative - by letting DWP know

 

 

and I think on your other point the HMRC thing wont the credited pension be like have a code like job seekers allowance - JSA so for state pension it be SP and that's proof its not his income/savings?

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ok thanks for the reply as I understand it in general one can get their benefits paid into another's account - someone they trust like a close relative - by letting DWP know

 

 

and I think on your other point the HMRC thing wont the credited pension be like have a code like job seekers allowance - JSA so for state pension it be SP and that's proof its not his income/savings?

 

It isn't something that I would like to test !

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its because in the past her bank account got closed she diverted it to her son but has got that corrected back to her bank account now

 

and savings is taxed? by how much on how much capital? thanks

Edited by fer34555
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its because in the past her bank account got closed she diverted it to her son but has got that corrected back to her bank account now

 

and savings is taxed? by how much on how much capital? thanks

 

It's just the interest on savings that is taxed as income. At the moment tax will be deducted at your marginal tax rate. I think that's changing some time soon to allow tax free savings, but I'm not 100% sure - I don't have enough savings for it to be a concern.

 

On the other matter, the recipient of the pension is OK - State Retirement Pension is not affected by savings. But your friend who is claiming JSA might have a problem if the payments are seen as income or if they build up to £6000. I'd advise that the pension should be paid into an account in the beneficiary's name to avoid any confusion.

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