Dáil Éireann Debate, Wednesday - 25 October 2017
261. Deputy Darragh O'Brien asked the Minister for Employment Affairs and Social Protection the saving limit for a person on a qualified adult allowance; and if she will make a statement on the matter. [45157/17]
Amharc ar fhreagraI understand that my officials have been in contact with the Deputy’s office and that this question relates specifically to the State Pension Contributory (SPC).
The personal rate of SPC is a non-means-tested payment based on PRSI contributions paid.
A means-tested increase in the SPC for a spouse or partner (qualified adult) can be paid. Any income the qualified adult has from employment, self-employment, savings, investments and capital (for example, any property except the person’s home) is taken into account. Where there are joint savings or investments with the spouse or partner, half of that amount is taken into account. The maximum rate of qualified adult allowance is payable where the qualified adult has weekly income of less than €100, and a tapered rate is payable if the qualified adult has weekly income of less than €310.
The formula for assessing means from capital (including savings) is as follows:
|
Capital |
Weekly means assessed |
|
First €20,000 |
Nil |
|
Next €10,000 |
€1 per €1,000 |
|
Next €10,000 |
€2 per €1,000 |
|
Balance |
€4 per €1,000 |
It should be noted that where a person does not meet the qualifying conditions for SPC, he or she may apply for the means-tested State pension non-contributory. The means test for State pension non-contributory takes into account the income and assets of both the claimant and his or her spouse/partner. Property (excluding a person's home), savings and investments are assessed as capital and a formula is then used to assess the weekly means from capital. The weekly rate payable depends on the total weekly means of the person or couple.
