Means-tested support for people approaching and beyond state …

Dec 11, 2024 · The means-tested benefit system for people below the state pension age is intended to provide targeted support to those who need it most, and a key feature in targeting support is the asset test. Households with assets worth more than £16,000 (excluding any …

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Means-tested Support For People Approaching And Beyond State …

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FAQs about Means-tested support for people approaching and beyond state … Coupon?

What is a means-tested benefit system?

The means-tested benefit system for people below the state pension age is intended to provide targeted support to those who need it most, and a key feature in targeting support is the asset test. ...

Who is eligible for means-tested support?

Means-tested support is also available for those above the state pension age (SPA) with low incomes and assets. Notably, the potential entitlements above SPA are much higher than those available below SPA, and this gap has grown substantially since the late 1990s. ...

What is the means-tested benefit system before state pension age?

The means-tested benefit system before state pension age has an asset test that limits the amount of financial support low-income people receive if they have more than a low level of assets (excluding pension and primary housing wealth). ...

What is a means-tested program?

Those means-tested programs provide cash payments or other assistance to qualified recipients. If recipients’ earnings rise, then their benefits typically decline. ...

What is means-tested financial support?

Below the SPA, families with low incomes and assets can receive means-tested financial support, where the level of support, and the conditions attached to receipt of that support, vary according to factors such as household composition, assessed capacity to work, housing costs and certain formal caring responsibilities. ...

Will means-tested support rise in the run-up to the spa?

We may expect the prevalence of means-tested support to rise in the run-up to the SPA as employment rates decline. But working in the opposite direction, older age groups are also more likely to have built up more significant savings and may not qualify for means-tested benefits because of this. ...