Capital

Benefits Regulations tell us how we must treat any capital or savings you have.

  • If you or your partner are under the age you can apply for State Pension Credit and have savings over £16,000 it is unlikely that you will qualify for benefits.
  • If you are over the age you can claim State Pension Credit and have capital of over £16,000, it is unlikely that you will qualify for benefits unless you are receiving the Pension Credit "Guarantee Credit". You can contact the Pension Service to find out about your entitlement to Pension Credit on 0845 606 0265 or visit gov.uk. We need proof of your entitlement to Pension Credit.
  • If you own or partly own a property other than the one that you occupy please contact us for advice as we may be able to disregard this property for up to six months. 

By 'capital' we mean all your money - not just what you would call "savings". Examples of capital that you must tell us about include:

  • Bank and Building Society Accounts (including current/cheque accounts)
  • Post Office accounts
  • Premium Bonds
  • Stocks and Shares
  • Land or Property (but not the home you live in)
  • Cash
  • ISA's
  • Timeshare accommodation / holiday home
  • National Savings Certificates
  • Income Bonds, Pensioner Bonds

    Acceptable forms of evidence include:
  • Current Bank or Building Society statements which show credits and debits and the balance of the account over a period of the last two months prior to the claim. These statements should also clearly show your name, current address, account number and sort code.
  • Building Society or Post Office books which show credits and debits and the balance of the account over a period of the last two months prior to the claim.
  • If an account has only recently been opened and you do not have any statements, a letter from the bank or building society will suffice but this must show the:
    • type of account held
    • account number
    • balance of the account
    • The name and address of the account holder(s) 
    • The letter must confirm the details of all transactions since the account was opened and provide any information on regular amounts deposited into the account or debited from the account.

Original documents showing proof of ownership for example, dividend statements detailing assets for:

  • certificates
  • bonds
  • unit trusts
  • stocks and shares etc.

A slip from a cashpoint machine showing the balance of an account is not acceptable as evidence.
We normally need to see evidence of all capital held by:

  • You
  • Your husband/wife/partner
  • Other adults living with you.

If you cannot provide proof for any reason, you should contact us immediately and we will advise you what to do, or arrange a visit if necessary.

Remember we need to see the original documents, not photocopies. If you do not provide the documents we need, your benefit may be delayed.