As from 2nd November 2009 in relation to Pension Credit – any capital below £10,000 is disregarded for the purposes of calculating your entitlement.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk
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You can key their whole life into http://www.entitledto.com to answer the question more accurately.
Firstly they will have the basic state pension, for a single person that’s about £100/week. They all get that.
On top of that is Pension Credit, which would take a single person’s income up to £125/week, if they have a private pension then that will reduce how much (if any) pension credit they receive.
The only part that can be “cut” is the Pension Credit. It’s not so much cut as not given. Pension credit is a top up for those who have a low income in retirement.
100 and 10 percent
In the UK it is 16 thousand pounds. My old Mum watched her bank account on a weekly basis.