For the interests of Pension Credit, it is not important for the Pension Service to know about any interest or dividends you receive from your savings. Instead £1 a week is deducted from your possible income for every £500 or part of £500 when you have savings over £6000. Parts of £500 are only counted on figures over £10,000 if you are residing permanently in a care home.
The investments and savings taken into account by the Pension Service include the following:
- Money in a bank, building society or post office account.
- National Savings Certificates.
- Premium Bonds.
- Investments such as ISAs, PEPs and TESSAs.
- Income bonds, capital bonds or granny bonds.
- Shares or unit trusts.
- Property and land (Although this does not include the home in which you normally live).
