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10.—(1) The State Pension Credit Regulations 2002(1) are amended as follows.
(2) In regulation 1(2) (interpretation) in the definition of “pension fund holder”, after the words “with respect to” insert “an occupational pension scheme,”.
(3) In regulation 18 (notional income)—
(a)in paragraph (1A), for “and (1C)” substitute “, (1CA) and (1CB)”;
(b)for paragraph (1C)(2) substitute—
“(1C) Paragraphs (1CA) and (1CB) apply for the purposes of paragraph (1) (or, where applicable, paragraph (1) read with paragraph (1B)).
(1CA) Where a benefit or allowance in payment in respect of the claimant would be adjusted under the Social Security (Overlapping Benefits) Regulations 1979(3) if the retirement pension income had been claimed, he shall be treated as possessing that income minus the benefit or allowance in payment.
(1CB) Where a benefit or allowance in payment in respect of the claimant would require an adjustment to be made under the Social Security (Overlapping Benefits) Regulations 1979 to the amount of retirement pension income payable had it been claimed, he shall be treated as possessing that retirement pension income minus the adjustment which would be made to it.”.
(4) For regulation 19 (calculation of capital in the United Kingdom) substitute—
19. Capital which a claimant possesses in the United Kingdom shall be calculated at its current market or surrender value less—
(a)where there would be expenses attributable to sale, 10 per cent; and
(b)the amount of any encumbrance secured on it.”.
(5) In paragraph 8 of Schedule II (general provisions applying to housing costs) for the formula in sub-paragraph (8) substitute—
S.I. 2002/1792. Relevant amending instrument is S.I. 2006/2378.
Paragraph (1C) was inserted by S.I. 2006/2378.
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