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The State Pension Credit Regulations 2002

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Changes over time for: Section 7

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Status:

Point in time view as at 08/04/2024.

Changes to legislation:

There are currently no known outstanding effects for the The State Pension Credit Regulations 2002, Section 7. Help about Changes to Legislation

Savings Credit

7.—(1) The percentage prescribed for the purposes of determining—

(a)the maximum savings credit is 60 per cent.;

(b)“amount A” in section 3(4) is 60 per cent.;

(c)“amount B” in section 3(4) is 40 per cent.

(2) The amount prescribed for the savings credit threshold is [F1£189.80] for a claimant who has no partner and [F1£301.22] for a claimant who has a partner.

(3) The maximum savings credit shall be taken to be Nil in the case of—

(a)prisoners; and

(b)members of religious orders who are fully maintained by their order.

[F2(4) If a calculation made for the purposes of paragraph (1)(b) or (c) results in a fraction of a penny, that fraction shall, if it would be to the claimant’s advantage, be treated as a penny; otherwise it shall be disregarded.]

Textual Amendments

F1Sums in reg. 7(2) substituted (coming into force in accordance with art. 1(3)(k) of the amending S.I.) by The Social Security Benefits Up-rating Order 2024 (S.I. 2024/242), arts. 1(3)(k), 29(3)

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