Savings and universal credit?

Weary_soul

tazwhoever wrote: »

Weary soul - I was thinking the same. Plus it affects Tax Credits.

Yeah, and thats going to be aright shock to those who claim WTC. I do hope more people wake up to this and complain to their MP's as imo it's just not going to work when applied to a working benefit's.

Also it occurred to me does this also effect pension age people when claiming HB under UC? If so thats also appalling.

Floxxie

tazwhoever wrote: »

https://www.citizensadvice.org.uk/nireland/benefits/welfare-benefits-reform-ni/universal-credit-ni/how-universal-credit-is-worked-out-ni/

Why do NI pay less than England people. £1 per £250 and we pay £4.35 per £250?

Like many, I am not looking forward to UC.

NI decides which bits to implement and at what level.

NYM

Unless I'm reading things incorrectly;

Currently it's £1.00 per week for every £250 (or part thereof) over £6000 savings
Under UC it's £4.35 per assessment period (1 month?) for every £250 (or part thereof) over £6000 savings

Over a year (52 weeks);

Current rules - £52 'loss'
Universal Credit - £52.20 'loss'

£0.20p isn't really a massive amount to lose is it?

Weary_soul

Under old regime for every £1,000 over in savings you loose £4.00 in benefits. WTC currently isn't effected at all unless the interest from your savings comes in at £300 a year.

Under UC (including WTC) you loose £17.40 a week. Big difference imo.

*eta* Ah, of course UC is worked out monthly so the loss isn't so great, but when it comes to WTC you loose far more under UC then under the present set up sadly.

Mersey_2

Have the transitional protection Regs been published yet?


I recall someone said they were due out soon, but that might have been on the Rightsnet forum.

ffacoffipawb

Weary_soul wrote: »

Under old regime for every £1,000 over in savings you loose £4.00 in benefits. WTC currently isn't effected at all unless the interest from your savings comes in at £300 a year.

Under UC (including WTC) you loose £17.40 a week. Big difference imo.

*eta* Ah, of course UC is worked out monthly so the loss isn't so great, but when it comes to WTC you loose far more under UC then under the present set up sadly.

It is £17.40 per month loss which is pretty much the same as £4 per week ... 17.40 x 12 / 52.15 = £4.00 so no change from the current system.

Weary_soul

Thats right except for rules regarding capital and the UC version of WTC. It's worse under UC then the old system.

tazwhoever

http://wwras.org.uk/leaflets/public-leaflets-download/22-pb6/file

Page 4

tomtontom

Weary_soul wrote: »

Thats right except for rules regarding capital and the UC version of WTC. It's worse under UC then the old system.

Less generous but more fair - people sitting on high levels of capital/ multiple properties should be using their assets to supplement their income, not the state.

SkyeKnight

tomtontom wrote: »

Less generous but more fair - people sitting on high levels of capital/ multiple properties should be using their assets to supplement their income, not the state.

Maybe true for those doing nothing, but this is for working people - to make sure that they earn more than those who don't work.

People who work don't get a lot more than those who don't because any extra they earn gets tapered/taxed away so fast (12% NI, 20% Income Tax, 41% taken off tax credits - so you only get to keep 29p for every £1 you earn). Apparently you can do anything you want with that extra income except save it (because we really want to stop working people from saving!?!).