Pensioners and Savings - SW 60


Print page

When assessing your means from capital we add together the following items that you and your spouse or civil partner have:

  • the cash value of investments and property (except your own home),
  • money in an account in a financial institution, and
  • cash in hand.
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 to the actual amount of capital you have.
 
If you are married, in a civil partnership or cohabiting, we will assess you with half of the combined capital held by both of you.
 
The following formula is then used to calculate your weekly means:
 

Capital

Weekly means assessed

First €20,000

Nil

€20,000 to €30,000

€1 per €1,000

€30,000 to €40,000

€2 per €1,000

Over €40,000

€4 per €1,000

 

Example 1

John (66) is single. He applied for State Pension (Non-Contributory). He has no income apart from interest he gets from savings of €36,890.
 

We would assess his means as follows:

Savings are assessed as follows: 

Weekly means

First

€20,000

Nil

Next

€10,000 (€1 per €1,000)

€10.00

Next

€6,000 (€2 per €1,000)

€12.00

Balance

€890 (not assessed*)

 

Total

€36,890

 

Total weekly means

€22.00

* We do not assess any remaining amounts of less than €1,000.00.

Example 2

Peter (aged 66) and Mary (aged 60) are a couple. Peter applies for State Pension (Non-Contributory). He has savings of €52,600 and Mary has savings of €37,200. They have no other souce of income.

We add their savings as follows:

 

Savings

Peter

€52,600

Mary

€37,200

          Combined Total

€89,800

          Half Combined Total

€44,900

Peter's means will be based on half the combined income and savings of himself and Mary.

€44,900 is assessed as follows:

 

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

€46.00

* We do not assess any remaining amounts of less than €1,000.00

Last modified:28/01/2013
 

 Application Forms

 
 

 Downloads