ESA Income Based Childrens Savings

carol7

Could anyone advise if childrens savings affect parents Income Based ESA. I have searched on line but seem to get conflicting information. Thank you

nannytone_2

if you have access to the savings then it is classed as yours

tazwhoever

carol7 wrote: »

Could anyone advise if childrens savings affect parents Income Based ESA. I have searched on line but seem to get conflicting information. Thank you

I agree with you Carol7, it is conflicting information.

nannytone wrote: »

if you have access to the savings then it is classed as yours

Have you got a link to your answer?

TELLIT01

What nannytone says is accurate. Only savings in either formal child trust funds or junior ISAs would be disregards from capital calculations.

oldhand

tazwhoever wrote: »

I agree with you Carol7, it is conflicting information.

Have you got a link to your answer?

I think when Nannytone gives you an answer you can rely on it link or no link.....

nannytone_2

oldhand wrote: »

I think when Nannytone gives you an answer you can rely on it link or no link.....

i wouldn't go that far ... we all get things spectacularly wrong sometimes

this isn't one of those times though.

if all you needed to do was put your money into savings accounts for your kids in order to claim benefits ... don't you think thousands of people would do it?

carol7

Thank you for your replies. If the child grandparents set up/administer the account and the parents have no access would it still be taken into account?

nannytone_2

carol7 wrote: »

Thank you for your replies. If the child grandparents set up/administer the account and the parents have no access would it still be taken into account?

that would be OK as long as the person claiming income related benefit, has no access to the funds.

of course though, the claimant would not be allowed to make a large deposit into that account and as a result become entitled to income related benefit

baza52

carol7 wrote: »

Thank you for your replies. If the child grandparents set up/administer the account and the parents have no access would it still be taken into account?

that should be ok as long as its not money gifted to the grandparents from the parents account as they would have to show backdated statements to prove no deprivation had taken place.

TELLIT01

The defining questions are whether or not the parents have ANY access to the accounts set up for the children, and in the event that the parents contributed to the accounts, when that happened.
As nannytone said, if payment was made to the account in order to then qualify for benefit it would certainly be seen as deprivation of capital.

carol7

Once again thank you for your replies. We are the grandparents and we are wanting to set up accounts/funds for the grandchildren's future education. The parents will not have access to the accounts or make any deposits.