When working out your means from capital we add together the following items that you and your spouse or partner may have and use a special formula (see below) to work out your weekly means:
- the cash value of investments and property (except your own home),
- money in an account in a financial institution, and
- cash in hand.
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Capital
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Weekly means assessed
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First €20,000
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Nil
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€20,000 to €30,000
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€1 per €1,000
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€30,000 to €40,000
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€2 per €1,000
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Over €40,000
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€4 per €1,000
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Example 1
John (66) is single. He applied for State Pension (Non-Contributory). He has no income apart from interest he gets from €36,890 he has in a bank account.
We would assess his means as follows:
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Capital
|
Weekly means
|
|
Savings of €36,890 is assessed as follows
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|
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First
|
€20,000
|
Nil
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|
Next
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€10,000 (€1 per €1,000)
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€10.00
|
|
Next
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€6,000 (€2 per €1,000)
|
€12.00
|
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Balance
|
€890 (not assessed*)
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|
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Total
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€36,890
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|
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Total weekly means
|
€22.00
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* We do not assess any remaining amounts of less than €1,000.00.
Example 2
Peter (aged 66) and Mary (aged 60) are married.
Peter applies for State Pension (Non-Contributory). He is in receipt of an occupational pension of €100 per week and has savings of €52,600 in a building society.
Mary works part time and has weekly earnings of €190. She also has savings of €37,200 in the bank.
For means assessment we can summarise their income and savings as follows:
|
|
Weekly Income
|
Savings
|
|
Peter
|
€100
|
€52,600
|
|
Mary
|
Nil*
|
€37,200
|
|
Combined Total
|
€100
|
€89,800
|
|
Half Combined Total
|
€50
|
€44,900
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Peter's means will be based on half the combined income and savings of himself and his spouse. *Mary's earnings are disregarded as it is less than the maximum €200 employment earnings disregard.
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Half of combined weekly income
|
€50.00
|
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Half of their combined savings is assessed as follows:
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|
|
First
|
€20,000.00
|
Nil
|
|
Next
|
€10,000.00 (€1 per €1,000)
|
€10.00
|
|
Next
|
€10,000.00 (€2 per €1,000)
|
€20.00
|
|
Next
|
€4,000.00 (€4 per €1,000)
|
€16.00
|
|
Balance
|
€900.00 (not assessed*)
|
|
|
Total
|
€44,900.00
|
|
|
Peter's weekly means
|
€96.00
|
* We do not assess any remaining amounts of less than €1,000.00
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Note
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- When we assess your means we do not take into account interest you earn on money held in an account in a financial institution. Instead we apply the formula above to the actual amount of capital you have.
- If you are married or cohabiting with another person as husband and wife, we will assess you with half of the combined capital held by both of you.
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