PARLIAMENTARY WRITTEN QUESTION
Pension Credit: Personal Savings (20 May 2021)

To ask the Secretary of State for Work and Pensions, what incentives are in place for people in receipt of pension credit to continue saving when they reach the savings threshold of £10,000 and their entitlement reduces.

Asked by:
Navendu Mishra (Labour)

Unlike working age income-related benefits, Pension Credit has no capital limit beyond which entitlement to the benefit ceases.

Pension Credit is an income-related benefit intended to provide a ‘top-up’ for pensioners on a low income. As with all income-related benefits, due regard is given to all of a person’s financial resources when calculating an award. This ensures that taxpayer support is directed to those pensioners who are less well-off and need it most.

Answered by:
Guy Opperman (Conservative)
26 May 2021