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Forum Home  →  Discussion  →  Benefits for older people  →  Thread

Calculating Sterling value of EU State Pension

Paul_Treloar_AgeUK
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Information and advice resources - Age UK

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Client has Bulgarian State Pension and wants to claim Pension Credit. I know it’s reg.17(6 ) of the SPC Regs that states:

(6) Where payments are made in a currency other than Sterling, the value of the payment shall be determined by taking the Sterling equivalent on the date the payment is made.

But does anyone know how this works in practice? I’m sure I read something somewhere but can’t see anything in the DMG, CPAG, etc.

Many thanks as always.

Charles
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Accountant, Haffner Hoff Ltd, Manchester

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roecab
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Welfare benefits supervisor - Roehampton CAB

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This is what is used for tax returns, when assessing value of foreign income - not sure if this is what they use for PC though?

https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly

 

Paul_Treloar_AgeUK
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Brilliant, thanks both, some times you can’t see for looking.

Mairi
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Welfare rights officer - Dunedin Canmore Housing Association

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As far as I’m aware, the calculation is made each time the payment is made and it’s then deducted from any means-tested benefit at that amount.  A previous client used to get very confused and annoyed that his payment was different each time and couldn’t seem to grasp that between the 2 payments the amount they received was the same.

Paul_Treloar_AgeUK
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Mairi - 28 January 2021 11:42 AM

As far as I’m aware, the calculation is made each time the payment is made and it’s then deducted from any means-tested benefit at that amount.  A previous client used to get very confused and annoyed that his payment was different each time and couldn’t seem to grasp that between the 2 payments the amount they received was the same.

Thanks Mairi, I suspected it might be like this.