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Working Tax Credit and savings

MorMac
Posts: 10 Forumite
Do we know yet when the new rules for working tax credits and savings will start to apply? Will it definitely be from April 2013?
I'm worried because not only do I have to find more hours (which the school I work in can't afford to pay for) but also that I have savings of a little above £16,000 so it looks like I'll no longer be eligible. I've been scrimping and saving because I need to sell my house next August to give half the value to my ex, but my children need to have a home with me for a few more years so I need as much money as possible to buy something big enough.
I also had been trying to put some aside since I'll have a very small pension. (Apparently I won't get a full state pension as I rather foolishly opted out years ago and seemingly that money has vanished.) Although I can understand the rationale for not giving benefits to people who have a lot of money, it does seem unfair that those of us who've been very frugal, in order to survive better in old age or whatever, are being penalised.
I'm worried because not only do I have to find more hours (which the school I work in can't afford to pay for) but also that I have savings of a little above £16,000 so it looks like I'll no longer be eligible. I've been scrimping and saving because I need to sell my house next August to give half the value to my ex, but my children need to have a home with me for a few more years so I need as much money as possible to buy something big enough.
I also had been trying to put some aside since I'll have a very small pension. (Apparently I won't get a full state pension as I rather foolishly opted out years ago and seemingly that money has vanished.) Although I can understand the rationale for not giving benefits to people who have a lot of money, it does seem unfair that those of us who've been very frugal, in order to survive better in old age or whatever, are being penalised.
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Comments
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Do you mean when Universal Credit comes in from October 2013?
Universal Credit will start in October 2013 for new claimants and people already on any benefits will be moved across by 2017.
So I think you will be ok for another few years unless you know of a different change that is happening.0 -
It should be earlier (one of the most silliest ideas not to means test savings but income on this benefit), but it isn't so you have a few years yet and by that point you may not even be claiming them.0
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Yes. I did mean universal credit. Thanks. That's a huge relief. Hopefully I'll have moved house by then so should be settled.
Like many people, I suspect, I hope I can find somewhere with a garden big enough to have a couple of hens and to grow vegetables. Need to find any way I can to survive on a very low income0 -
Also there are transitional rules which will protect people who'd otherwise face a drop in benefits with UC. This includes people with savings.0
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