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savings limit whilst on benefits

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mallybr
mallybr Posts: 1 Newbie
in Over 50s MoneySaving
both my husband and myself are on incapacity benefit and were wondering what is the upper amount of savings we can have. thanks

Comments

  • margaretclare
    margaretclare Posts: 10,789 Forumite
    As far as I know, incapacity benefit is non-means-tested and, if I'm right, that means that your savings level is irrelevant.
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Incapacity benefit is not means-tested for savings so you can have as much as you like.

    If you are on Income Support for reasons of disability the lower savings limit is £6000.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    margaretclare wrote: »
    As far as I know, incapacity benefit is non-means-tested and, if I'm right, that means that your savings level is irrelevant.

    Isn't this going to change as people get moved from IB onto the new benefits - I understand that savings will then be taken into account.
  • richard9991
    richard9991 Posts: 1,618 Forumite
    Mojisola wrote: »
    Isn't this going to change as people get moved from IB onto the new benefits - I understand that savings will then be taken into account.
    only for ib esa not contribution based esa
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    My son is receiving IB under the youth rules so I'm assuming that any savings he has will be looked at when he is transferred. Is that right?
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