Declaring Premium Bonds

NeilCr

As Poppy says it won't effect PIP.

To be honest if you are so worried why not just declare it - whether or not you need to. As others have said if you are still below £6k it isn't going to matter.

w06

Second what Neil says, it's clearly adding to your stress. Better to inform DWP of it - write them a letter with a copy of your bank account statements and whatever paperwork comes as proof of the premium bond. If in total (current accounts + savings + premium bonds) it's below 6k it won't make any difference, and either way it won't affect PIP. Sounds as though you'll feel better knowing that you've told them though.

t0rt0ise

It's NOT declaring things that gets you into trouble. Tell them and be done with it.

rvj87

Decided not to risk it. Withdrawn money, closed account. Will re invest when I'm working. Too dangerous.

Owain_Moneysaver

You've still got the money though. It doesn't matter whether it's premium bonds or cash under the mattress.

Provided your total savings don't go over £6000 it's not a change in circumstances as it does not affect the amount of benefit you might receive.

Mojisola

rvj87 wrote: »

Decided not to risk it. Withdrawn money, closed account. Will re invest when I'm working. Too dangerous.

It's not very safe if you have £1000 somewhere around the house - better off in an account!

pmlindyloo

I have just been reading your experiences with your ESA and how you got everything sorted out.

This is much easier!

You are allowed up to £6000 in capital where it will not affect your ESA .

PIP will never be affected. You could be a millionaire and still get PIP!

So, to ease your mind, give them a call and ask them when and how you have to report any changes in your money. Make a note of the person you speak to and the date and time of your call.

Sorted!

TELLIT01

I suspect this was simply something put in place at our local office when they were overwhelmed by the workload. A claimant had about £10k in savings at the time of claim but was eating steadily into that figure. They had been sending bank statements in each month but getting nothing to say that the amount being taken into account had dropped. When they phoned they were told that changes such as that would only be actioned once every 3 months. I could find nothing in guidance to support that action and it was not in the claimants best interest either.

rvj87

So it's safest not to have any savings?

TELLIT01

rvj87 wrote: »

So it's safest not to have any savings?

That is not correct. Savings under £6k are disregarded completely. Between £6k and £16k benefit is reduced by £1 per week for every £250 in savings. For example, savings of £7k would see the amount reduced by £4 per week. That's the case for Income Related ESA and Income Support.