Savings & Capital Rules for the over 60's
It is important to check how your savings and capital might affect your benefit entitlement if you qualify for 'pension age' benefits. You can check your state pension age by using the government calculator, the current pension age is under review and is likely to increase.
If you are in a couple your eligibility for pension age means-tested benefits is based on the age of the youngest person in the couple.
Savings and Capital Limits
What counts as Capital and Savings?
Disregarded Capital and Savings
Spending (Deprivation) of Capital and Savings
If you deprive yourself of capital in order to increase the amount of benefit you get you can be treated as if you still had that capital, this is called ‘notional capital’. This might occur if you give money away to members of your family or buy expensive and non-essential items in order to reduce your capital.