Regulation 7 Savings Credit

(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£208.07 for a claimant who has no partner and £329.75 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.

Annotations

Textual amendments

F1: Sums 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 2026 (S.I. 2026/148), arts. 1(3)(k), 29(3)
F2: Reg. 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)