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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
 

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