If you are aged between 66 and 70 and not getting a qualifying payment, you must satisfy a means test in order to qualify for the Household Benefits Package. ( See section 2 for information on qualifying payments).
We calculate your appropriate weekly means limit.
This is based on the current maximum rate of State Pension (Contributory) that applies in your situation, for example, if you are single, married or cohabiting, have dependent children or you are living alone.
We calculate the weekly means limit by adding together:
- the maximum rate of State Pension (Contributory)
- plus €100.00 and
- any further allowances as appropriate for a qualified adult, dependent child(ren), Living Alone Increase.
Together, these give the total weekly means limit.
We calculate your weekly means by adding together your income and means from savings and investments. This is compared to your weekly means limit.
If your weekly means are less than or equal to your weekly means limit, you satisfy the means test.
How we assess your savings capital and investments
When working out your means from investments and savings, we add together the following items and use a formula to work out your means:
- cash value of investments and property (except your home),
- money in any savings account, or any kind of bank accounts, and
Weekly Means Assessed:
||Weekly means assessed:|
|€20,000 - €30,000
€1 per €1,000
|€30,000 - €40,000
€2 per €1,000
€4 per €1,000
Example 1: You are a single person aged 66 who lives alone, has a weekly income of €220 from an occupational pension and €25,000 in savings.
Step 1 - Calculating your weekly means
|State Pension (Contributory) Rate
(under age 80 - maximum rate from Jan. 2012)
|plus Living Alone Increase
|Appropriate weekly means limit
Step 2 - Comparing your means to the limit
In this example, we do not assess the first €20,000 of savings as means. We assess the next €10,000 at €1 per €1,000. This means that the savings of €25,000 has means of €5 per week assessed against it.
So, the total means assessed is €220 (occupational pension) plus €5 (savings), giving a total of €225.
|Weekly means limit
|Weekly means assessed
As your means are less than the weekly means limit of €338.00, you satisfy the means test.