27th June 2012, 09:16 PM #1
- Join Date
- Jul 2008
Would a gift from a relative affect my benefits?
I am a pensioner aged 87, on pension credit and attendance allowance. If a relative was to give me a gift of a few thousand pounds would it affect what I receive? If so, how much am I allowed to have in savings before my benefits can be taken away?
Mrs Marion Brown
28th June 2012, 04:22 PM #2
- Join Date
- Feb 2009
- Blog Entries
Dear Mrs Brown
It wouldn't affect your Attendance Allowance which is a non mean tested benefit. It also shouldn't affect your Pension Credit, however you do need to check something to be sure. When you were awarded Pension Credit you would have been given something called an "assessed income period" - this is a period of time during which, if you have any changes to your financial circumstances, you do NOT have to report them back to the Pension Service. When the assessed income period comes to an end then you do have to tell them and your Pension Credit could be adjusted or taken away altogether if you have received a windfall. However, the good news is that for anyone over 75 the assessed income period is normally indefinite in which case you don't have to tell them you have received some extra money, but you might want to just double check that this is the case. If you still have the paperwork from when you awarded Pension Credit that should tell you. It is also worth mentioning that the first £10,000 of savings is ignored in the means test for Pension Credit anyway.
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