Would you go to prison for hiding savings?

debrag

thistledome wrote: »

If OP had the same £8k in a pension fund rather than an ISA then they wouldn't be committing fraud. An £8k pension fund would be useless and I can understand why the OP feels that it's unfair. No need for the nasty comments from a couple of posters. The country isn't on it's knees because of people like the OP and her few thousand quid in the "wrong" type of account.

If she had a few million hidden away I'd agree she deserves a jail sentence, but I think she is a victim of a badly thought out law. In a pension or in an ISA, £8k is not a great deal of money.

over time that would have built up and she would have no problem claiming benefits now she'll have to pay it back and prob will have little of this as pension/savings

duchy

I suspect the OP may be struggling to accept the fact that she is as much committing benefit fraud as anyone else making false declarations to obtain benefit. Probably people she's turned her nose up at in the past. She thinks she is respectable and is making excuses to herself. Deep down she knows she's in trouble but she's pushed herself into a corner on here with her excuses.

I do think before things get any worse she needs to get proper advice as ignoring things will make it far more likely she'll end up in court which will mean a fine as well as repayment and also embarassment not to mention a criminal record which depending on what she does for a living will cause difficulties (not to mention higher insurance premiums ). Holidays may be difficult too -a conviction for fraud would mean she'd have trouble getting an ESTA for example.

Unless she's very unlucky with her judge (or tells the judge SHE thinks it's a pension and he doesn't know what he's talking about as she implied in her earlier response to me) she may end up with a suspended sentence or community service and her picture in the paper but all that is bad enough for a respectable woman in her forties and she needs to pull her neck in, get out of denial and deal with the situation sensibly to avoid these consequences.

FBaby

Jennifer555 wrote: »

Again, that is why I declared it in the end. And I've explained all the rest of your question elsewhere.
And can I stress again, no investigation of any form had started. I voluntarily decided to tell them about the savings for my own reasons. Tbh none of which had to do with anyone else.

So you are admitting that ISA aside, you KNEW from the start that you were not declaring savings you were supposed to, so aware that you were committing fraud. It is not a case of 'oh, I didn't know, but as soon as I realised, I went and came clean'. Something triggered your decision, either your conscience, or maybe someone threatening to report you if you didn't do it maybe?????

Why are you trying so hard to convince everyone, including yourself, that you were innocent? You knew what you were doing, end of it. Now, there is much worse crime, benefit fraud than this. I personally don't think it makes you a horrible criminal or anything like that and I certainly don't think it justifies a term jail, but it annoys me that you seem fix in trying to avoid accepting what you've done.

marybelle01

ab.da54 wrote: »

The 'troll' label gets thrown around too often whenever there is someone who has a train of thought that is different to one's own.

Given your words at the end, it is easy to thiink it is not the OP looking for argument.

Oh come on. This is not a case of her view differing from my own. Her view differs from everyone, and from the law! And she knows she has committed benefit fraud because she has already admitted to hiding other savings. Why would anyone be unable to grasp the simple fact that ALL savings must be declared, and that hiding savings is wrong? This isn't rocket science and she has spent three pages arguing that her savings are her pension and she doesn't even recognise a court as having the right to say otherwise!

And I did offer options - she is either a troll or delusional. Continuing to argue that she should attempt to hide more of her savings because they aren't savings is ridiculous.

leveller2911

marybelle01 wrote: »

benefit fraud because she has already admitted to hiding other savings. Why would anyone be unable to grasp the simple fact that ALL savings must be declared, and that hiding savings is wrong? This isn't rocket science and she has spent three pages arguing that her savings are her pension and she doesn't even recognise a court as having the right to say otherwise!


The OP is clearly NOT a troll and lets be honest here if the OP wanted to really "hide" her savings would she really have put them in an ISA? no obviously not......

Although I don't condone what she has done I do believe people should be able to save for a pension in ways other than a Private Pension scheme.

I see little difference in someone who over the course of their working lives invest in their houses ,each time rising up the housing ladder and then downsizing when they retire to release equity and someone who saves in ISA,s, cash,antiques,classice cars etc.

Just remember those who save via mortgages(their chosen investment) are entitled to SMI(benefit) help with their mortgage interest if they find themselves out of work.Remember also those on a very low mortgage rate are not only having the interest paid but also a portion of the capital.

We should have a system that is not so restrictive.

Jennifer555

marybelle01 wrote: »

OK. I have come to the conclusion that Jennifer555 is either the stupidest person on the planet or a troll. Nobody in their right mind would still be insisting that their savings were a pension after three pages of being told that they were committing benefit fraud. Anyone who was genuinely that frightened of prison or a criminal record wouldn't arguing that black is white - they would be asking what would be the best way of explaining how they "forgot" some more savings they had, so as not to get into trouble. I'm out - and I suggest that we stop feeding the troll. She doesn't want help, she wants an argument.

Yeah, I guess some would see it as stupid. Either that or very intelligent depending on how hypnotised you are.

Regarding being drawn into an argument. I did ask a simple question but I don't mind having been drawn into the discussion that followed. Except for the people screaming " send her to jail" and you're worried about public funds being wasted!! Baffled!

FBaby

I agree with savings clearly intended for future pension should be protected. After all, over all, they will only be claiming pension credits. However, it is fair that it should be put into saving they can't access (if you sale your house, then the proceeds will be counted as savings for benefit purposes).

However, in the case of the OP, she has admitted to the ISA being kept for this specific purpose, BUT ALSO, having at least at some stage over £9K of 'other' savings that were not kept for this particular purpose. I personally have more issue with this bit of cash on the side than the money in the ISA if she can prove that it was never touched in the 10 years.

Jennifer555

FBaby wrote: »

However, in the case of the OP, she has admitted to the ISA being kept for this specific purpose, BUT ALSO, having at least at some stage over £9K of 'other' savings that were not kept for this particular purpose. I personally have more issue with this bit of cash on the side than the money in the ISA if she can prove that it was never touched in the 10 years.

I have declared it so you don't need to have an issue with it anymore.

And to the other poster who was saying something about I only told them because I was scared of being found out etc. You couldn't be more wrong.

Sixer

Jennifer555 wrote: »

Yeah, I guess some would see it as stupid. Either that or very intelligent depending on how hypnotised you are.

I wouldn't say stupid, but I do think foolish. You were sensible enough to consider retirement savings but not sensible enough to check the regulations surrounding the various options.

I sympathise with the view that the system is too restrictive. I've run foul of it myself - as a two-time cancer patient, I took the view that an ISA was a better vehicle for my retirement savings than a pension. It would provide a tax-free income for me if I make it that far. It would be an accessible fund if I didn't - I'd make the most of life and create memories for my kids with it if the worst happened. But I checked everything out and understood that going this route would mean risking the fund in the event I ever needed to claim means-tested benefits.

The information is out there. So anyone can easily weigh the choice between tying up money in a pension fund or retaining access to funds outside one.

You're highly unlikely to go to prison (and I truly hope you don't), but I do think you have been foolish.

FBaby

Jennifer555 wrote: »

I have declared it so you don't need to have an issue with it anymore.

And to the other poster who was saying something about I only told them because I was scared of being found out etc. You couldn't be more wrong.

You declared it years later than you should have !!!!!