Savings

Dandytf

@poppy12345
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits as I understand PIP doesn't have such Savings Limits.
t.i.a.
@Dobiesmon
hope you don't mind me asking via Poppy from your excellent thread, thanks

poppy12345

Dandytf said:

@poppy12345
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits as I understand PIP doesn't have such Savings Limits.
t.i.a.
@Dobiesmon
hope you don't mind me asking via Poppy from your excellent thread, thanks

Savings do not affect tax credits, only interest of more than £300 affects it. Council Tax reduction is affected by savings though, if you claim this.

Dandytf

poppy12345 said:

Dandytf said:

@poppy12345
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits as I understand PIP doesn't have such Savings Limits.
t.i.a.
@Dobiesmon
hope you don't mind me asking via Poppy from your excellent thread, thanks

Savings do not affect tax credits, only interest of more than £300 affects it. Council Tax reduction is affected by savings though, if you claim this.

An increase in savings can affect how much you receive in benefits. This could be a big amount, such as an inheritance, or because you are not spending as much as you receive.

Benefits affected by savings are:

• Income-based Jobseeker’s Allowance

• Income-related Employment and Support Allowance

• Income Support

• Pension Credit

• Tax Credits (Child Tax Credit and Working Tax Credit)

• Housing Benefit

• Council Tax Support

• Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment)

• Universal Credit

  If you have more than £6,000 savings, you will lose some of your benefit payment.

  If you have more than £16,000 savings, you are not eligible for means-tested benefits.

  Only asking as I plan to save via Isa's or similar 10-15 years remaking Mortgage Term.

  Thanks

Dandytf

Think I found an Answer-swipe savings to Pension if and when required.

Savings include:

stocks, bonds and ISAs

Savings do not include:

work or private pensions (if not cashed in)

Thanks All

poppy12345

Dandytf said:

poppy12345 said:

Dandytf said:

@poppy12345
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits as I understand PIP doesn't have such Savings Limits.
t.i.a.
@Dobiesmon
hope you don't mind me asking via Poppy from your excellent thread, thanks

Savings do not affect tax credits, only interest of more than £300 affects it. Council Tax reduction is affected by savings though, if you claim this.

An increase in savings can affect how much you receive in benefits. This could be a big amount, such as an inheritance, or because you are not spending as much as you receive.

Benefits affected by savings are:

• Income-based Jobseeker’s Allowance

• Income-related Employment and Support Allowance

• Income Support

• Pension Credit

• Tax Credits (Child Tax Credit and Working Tax Credit)

• Housing Benefit

• Council Tax Support

• Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment)

• Universal Credit

  If you have more than £6,000 savings, you will lose some of your benefit payment.

  If you have more than £16,000 savings, you are not eligible for means-tested benefits.

  Only asking as I plan to save via Isa's or similar 10-15 years remaking Mortgage Term.

  Thanks

In your question you mentioned tax credits and PIP, for which savings have no affect on either of them.

The question regarding savings and benefits was already previously answered in other comments.

Dandytf

@poppy12345
From my original question I questioned WTC's
and recognised PIP isn't included.
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits
*as I understand PIP doesn't have such Savings Limits.*
I since thanked you for your Savings Interest info.
Though I re iterate the info I have read since suggest that If you have more than £6,000 savings, you will lose some of your benefit payment.
If you have more than £16,000 savings, you are not eligible for means-tested benefit
WTC's are included on the list of Means Tested Benefits with those 6K-16K savings restrictions, which could either lower WTC payments or make WTC's ineligible.

Thanks anyway.

Spoonie_Turtle

Dandytf said:

@poppy12345
From my original question I questioned WTC's
and recognised PIP isn't included.
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits
*as I understand PIP doesn't have such Savings Limits.*
I since thanked you for your Savings Interest info.
Though I re iterate the info I have read since suggest that If you have more than £6,000 savings, you will lose some of your benefit payment.
If you have more than £16,000 savings, you are not eligible for means-tested benefit
WTC's are included on the list of Means Tested Benefits with those 6K-16K savings restrictions, which could either lower WTC payments or make WTC's ineligible.

Thanks anyway.

Tax Credits are technically included in a list of benefits affected by savings, because they are affected in the single situation that savings are generating more than £300 in interest.  TCs are means-tested in terms of income but savings/capital themselves are disregarded, which is why so very many people find themselves worse off if they have to claim Universal Credit instead of TCs, or even ineligible for UC altogether.

If however you knew you would be needing to claim UC instead and you moved across a load of savings to a pension scheme in order to be eligible for it, that would likely be seen as deprivation of capital.  If you move savings across for a legitimate reason (for which you have evidence) and somewhere down the line you find yourself needing to claim UC instead of TC, you *may* be able to convince them it's not deprivation of capital.

Savings in ISAs are counted for UC (with the value adjusted according to the penalty you would incur for accessing them).

poppy12345

Dandytf said:

@poppy12345
From my original question I questioned WTC's
and recognised PIP isn't included.
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits
*as I understand PIP doesn't have such Savings Limits.*
I since thanked you for your Savings Interest info.
Though I re iterate the info I have read since suggest that If you have more than £6,000 savings, you will lose some of your benefit payment.
If you have more than £16,000 savings, you are not eligible for means-tested benefit
WTC's are included on the list of Means Tested Benefits with those 6K-16K savings restrictions, which could either lower WTC payments or make WTC's ineligible.

Thanks anyway.

Although my advice was that only interest of more than £300 would affect tax credits.

Dandytf

@Spoonie_Turtle
These UC considerations are quite new to me, though I was once quoted verbally that I'll be ineligible for UC.
Which confuses me as there have been other reports, that when WTC's migration (disabled with MS) goes ahead, then there is the possibility that I and other disabled would not suffer any loss of existing benefits.
Though early days as there were new reports that Scotland could be moving away from PIP or WC's?

Thanks for the ISA info -maybe with Benefits I'm going to be a loser -I have one DB  Pension frozen.
I have once current DC Pension +avc's which I want to increase considerably from late 21'
I've no intention or knowledge of avoiding any Benefits or Savings Laws.
I guess as it's early days, then it doesn't make any Advantage of I continue with Isa or move over to DC Pension.

Any further advice via mse appreciated.
Thanks

Dandytf

poppy12345 said:

Dandytf said:

@poppy12345
From my original question I questioned WTC's
and recognised PIP isn't included.
Is moving Savings 6-16k or above across to existing Live Pension an option.
working Tax Credits
*as I understand PIP doesn't have such Savings Limits.*
I since thanked you for your Savings Interest info.
Though I re iterate the info I have read since suggest that If you have more than £6,000 savings, you will lose some of your benefit payment.
If you have more than £16,000 savings, you are not eligible for means-tested benefit
WTC's are included on the list of Means Tested Benefits with those 6K-16K savings restrictions, which could either lower WTC payments or make WTC's ineligible.

Thanks anyway.

Although my advice was that only interest of more than £300 would affect tax credits.

Which is why I since thanked you for your Savings Interest info.
Merry Xmas appreciate your kind input 🎄