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staff-006: What is the maximum you can have in savings to still qualify for Pension Credit?

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source-c031: DMG Vol 14 Ch 84: Deemed weekly income from capital — PDF page 128

Official source · Exact excerpt and hashes

Deemed-income mechanism and combined partner capital; valuation, disregards and notional capital need other passages.

84911 The amount of deemed weekly income from capital is £1


1. for each £500 over £10,000 and


2. for any capital which is left and which is not a complete £500 1.


                                                                  1 SPC Act 02, s 15(2) & SPC Regs, reg 15(6)


84912 - 84920



How to work out the amount of deemed weekly income

Total amount of capital
84921 The total amount of capital each person has is the total of the value of each item of actual capital
and notional capital that person has. The total amount of capital of claimants is


1. the total amount of their capital if they do not have a partner or


2. the total amount of their capital and the total amount of their partner’s capital if they have a partner 1.


                                                       1 SPC Regs, s 5 & s 12(2)(d) & reg 8 & Sch III, para 1(4)


When does income become capital
84922 Where a claimant receives income, at a certain point that income becomes capital. This point is
reached when the period for which the income is paid has expired. So the DM should have regard to

receipts of income when calculating tariff income deemed to be generated from a claimant’s capital 1.


Example


Bill submits a claim for SPC on 21 August. He provides a bank statement dated 18 August showing a
balance of £12,335.46. If tariff income were calculated on this amount it would be £5.00 per week. Bill
also receives RP of £415.63 which is paid four weekly directly into this bank account. He last received a

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source-c012: DMG Vol 13 Ch 77: Conditions of entitlement, membership of the household and normal amount payable — PDF page 33

Official source · Exact excerpt and hashes

Guarantee Credit and Savings Credit calculation inputs are distinct; no formula executable from this isolated page.

77303 If there are


1. any additions to the SMG, the total amount of GC will be the appropriate minimum guarantee (AMG)


2. no additions to the SMG, the SMG will be the AMG and the total amount of GC will be the amount of
the AMG


less any income relevant to the SPC income assessment. See DMG 77330 et seq for guidance on how to
work out the amount of GC payable.




Savings credit
77304 The amount of SC depends on1


1. the level of the claimant’s income and


2. the amount of the


      2.1 claimant’s qualifying income (QI) and


      2.2 savings credit threshold (SCT) and


      2.3 AMG and


      2.4 maximum savings credit (MSC).


See DMG 77353 et seq for guidance on how to work out the amount of SC payable.


                                                                                      1 SPC Act 02, s 3


77305 - 77329

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source-c008: DMG Vol 13 Ch 77: Conditions of entitlement, membership of the household and normal amount payable — PDF page 14

Official source · Exact excerpt and hashes

Captured Pension Credit entitlement conditions; statutory and transitional dependencies remain.

77031 A claimant is entitled to SPC if they1


1. are in GB and


2. have reached the qualifying age and


3. satisfy the conditions to get a GC or SC and


4. are not a member of a


      4.1 couple where the other member is entitled to SPC or


      4.2 mixed-age couple (see DMG 77035 and 77140)


      4.3 polygamous marriage (see DMG 77016) where the other party to the marriage or the additional
      spouse are members of the same household and entitled to SPC (but see DMG 77140 et seq) and


5. have made a valid claim2 and


6. where relevant, their partner, satisfy the NI provisions (see DMG Chapter 02) 3.


           1 SPC Act 02, s 1(2) & 4(1) & (1A); SPC Regs, Sch III, para 1(3); 2 SS A Act 92, s 1(1) & (4); 3 s 1(1A)

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