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£133.82] for a claimant who has no partner and [F1£212.97] 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 reg. 1(2)(d) of the amending S.I.) by The Social Security Benefits (Adjustment of Amounts and Thresholds) Regulations 2016 (S.I. 2016/242), reg. 4(2)
F2Reg. 7(4) added (6.10.2003) by The State Pension Credit (Consequential, Transitional and Miscellaneous Provisions) Regulations 2002 (S.I. 2002/3019), regs. 1(2)(b), 23(d)
Modifications etc. (not altering text)
C1Reg. 7(1)(a) percentages maintained (coming into force in accordance with art. 1(2)(i) of the amending S.I.) by The Social Security Benefits Up-rating Order 2015 (S.I. 2015/457), arts. 1(2)(i), 21(1)(3)(a)
C2Reg. 7(1)(b) percentages maintained (coming into force in accordance with art. 1(2)(i) of the amending S.I.) by The Social Security Benefits Up-rating Order 2015 (S.I. 2015/457), arts. 1(2)(i), 21(1)(3)(a)
C3Reg. 7(1)(c) percentages maintained (coming into force in accordance with art. 1(2)(i) of the amending S.I.) by The Social Security Benefits Up-rating Order 2015 (S.I. 2015/457), arts. 1(2)(i), 21(1)(3)(a)
C4Reg. 7(3) sum maintained (coming into force in accordance with art. 1(2)(i) of the amending S.I.) by The Social Security Benefits Up-rating Order 2015 (S.I. 2015/457), arts. 1(2)(i), 21(1)(6), Sch. 13