Savings withdrawal

gavra

Hello ,this is my first post and i would like to ask all of you some questions.
To be short,i have some savings on my ISA and some on my e-saver account with Lloyd's bank.I would like to withdraw that money but i am in dilemma as i am on benefits (DLA and Income Support).I would like to know will i break any law or will i be punished by DWP for doing so(loosing entitlement to benefits).
If you need any more information i will be happy to provide it.
Thanks in advance.
NG

bryanb

If you have savings they are taken into account for any means tested benefits. Whether you withdraw them or not is irrelevant

bigfreddiel

it makes no difference if the savings are in an isa or not as far as benefits or whatever are concerned - isas shelter your savings from the inland revenue - you have the money - you must tell dwp what you have so they can determine your status - just check with them.

cheers

fj

sorcerer

All money you have (except for Pensions, these are not regarded as capital) is counted for means tested benefit.

bryanb

sorcerer wrote: »

All money you have (except for Pensions, these are not regarded as capital) is counted for means tested benefit.

Any idea when a pension becomes savings, eg if you keep a pension payment in your bank for a couple of months.

gavra

Thank you all for a replies.
So basically ,what you are all saying is that i can not withdraw that money without consequences.
If that is true, what consequences would that be ,if anybody knows?
I have £4.000 on my e-saver account and £11.000 on my ISA.

bryanb

gavra wrote: »

Thank you all for a replies.
So basically ,what you are all saying is that i can not withdraw that money without consequences.

NO that is not what we are saying!

We are saying that the money must be declared to DWP if you are on any means tested benefit.

gavra

Oh,fair enough.
Sorry for misunderstanding you all.
Thanks again for clearing that up.

newmum1

I think you may need to to look at what the threshold is for losing all or part of your entitlement. I think it used to be if you have £16k in savings if so then you would be ok. But double check as Im not sure if it has now changed.

gavra

Thanks,i am aware of a threshold,and it is still 16k, but still i am concerned that withdrawing that large sum of money can attract DWP attention.

bryanb

gavra wrote: »

Thanks,i am aware of a threshold,and it is still 16k, but still i am concerned that withdrawing that large sum of money can attract DWP attention.

As I understand it savings below £6000 - no loss of benefit. Between £6k and £16k there is a sliding scale. Check with DWP, although if you are on a means tested benefit you should have already declared you savings. Did you?

£16000 is not the threshold, it's £6000