Hello just a quick message,can anyone tell me how much in pip savings am I allowed before council tax and housing benefit is affected. I get enhanced pip on both elements i get state pension along with my wife not pension credits. I've been told different amounts allowed from 10k up to 16k is this correct,I'm panicking as I have saved my pip up to 8k and need to send in a council tax and housing benefit review form. Thank you.
Hi Strato, If your savings from PIP payments derive from a back payment of arrears then there are different rules. Firstly I am a little confused. Of you are entitled to means tested benefits such as Housing Benefit then you may be eligible for Pension Credit, and this is something to look into.
If you do get Pension Credit then the initial limit is £10,000. (Savings from any source up to this amount are disregarded.) There is no upper limit if in receipt of Pension Credit, however your benefit amount will reduce according to the amount of savings so there will come a point where so much is deducted nothing can be paid. However you haven't reached that point yet, so no need to worry. You get £1 ( its called notional income) deducted off benefit for each £500 in the bank. Please seek advice from a specialist welfare benefits adviser and get a full benefits check done. I hope this helps. LL26
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