{"id":587879,"date":"2026-05-16T20:45:09","date_gmt":"2026-05-16T20:45:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/587879\/"},"modified":"2026-05-16T20:45:09","modified_gmt":"2026-05-16T20:45:09","slug":"state-pensioners-with-10000-savings-having-payments-cut-by-dwp","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/587879\/","title":{"rendered":"State pensioners with \u00a310,000 savings having payments cut by DWP"},"content":{"rendered":"

The DWP’s rules for the benefit, which is worth \u00a34,300, has strict rules for those trying to claim.\"State<\/p>\n

State pensioners with \u00a310,000 savings having payments cut by DWP<\/p>\n

The Department for Work and Pensions has warned state pensioners with \u00a310,000 savings will see their Pension Credit cut. The DWP’s rules for the benefit, which is worth \u00a34,300, has strict rules for those trying to claim.<\/p>\n

Under DWP<\/a> rules, if you have \u00a310,000 or less in savings and investments this will not affect your Pension Credit. If you have more than \u00a310,000, every \u00a3500 over \u00a310,000 counts as \u00a31 income a week. For example, if you have \u00a311,000 in savings, this counts as \u00a32 income a week.<\/p>\n

If you\u2019re entitled to a personal or workplace pension and you have not claimed it yet, the amount you\u2019d expect to get still counts as income. If you\u2019ve deferred your State Pension, the amount of State Pension you would get is counted as income.<\/p>\n

READ MORE Three groups of UK households being handed council tax refund – full list<\/a><\/p>\n

You cannot build up extra amounts for deferring your State Pension if you or your partner are getting Pension Credit.<\/p>\n

Stephen Lowe, director at retirement experts Just Group, said: “The \u00a310,000 lower capital limit means that every \u00a3500 of savings \u2013 not including the main residential property \u2013 held by people who qualify for pension credit counts as \u00a31 income a week, which can erode the income received from the benefit.<\/p>\n

\u201cThis feels unfair on two fronts given many pensioners will aim to keep a rainy-day fund in the event of emergency repairs or a large, unexpected cost.<\/p>\n

\u201cIt is the equivalent of a 10.4% interest rate. Secondly, the limit has not moved since 2009 and it is likely therefore that more and more people are seeing their benefit income reduced as they fall into this bracket.\u201d<\/p>\n

Age UK adds: “If you reached State Pension age before 6 April 2016 \u2013 or if you’re a couple and both of you did \u2013 you might be eligible to claim Savings Credit.<\/p>\n

“There isn\u2019t a savings limit for Pension Credit. However, if you have over \u00a310,000 in savings, this will affect how much you receive.”<\/p>\n

You can continue to get Pension Credit if you\u2019re away from Great Britain for 4 weeks or less – for example, on a holiday.<\/p>\n","protected":false},"excerpt":{"rendered":"The DWP’s rules for the benefit, which is worth \u00a34,300, has strict rules for those trying to claim.…\n","protected":false},"author":2,"featured_media":587880,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,2215,4176,4174,4175,56,54,55],"class_list":["post-587879","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-dwp","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/587879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=587879"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/587879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/587880"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=587879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=587879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=587879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}