Savings schemes whilst receiving Universal credit and PIP payments?

TUVOK

My son is disabled and receives Universal credit and PIP allowances.
I believe that you are allowed up to £6K in savings before deductions are taken from your payments? are there any savings schemes, SIPP or any thing else that he and I could contribute to help him in later life to have built a larger than £6K nest egg?

Thank you for any/or replies

Lifematters

As a non earner you can contribute up to £2880 a year into a SIPP which will automatically be increased to £3600 due to tax relief.  This is ignored in benefit calculations until the Pension is withdrawn. 

calcotti

Although this isn't addressed at later life and the money in Help to Save will count towards capital limits for benefit if he wants a general savings scheme for accessible savings he should look at Help to Save (alongside any other savings accounts he may hold). The return on the sums involved is unbeatable.
https://www.gov.uk/get-help-savings-low-income
https://www.litrg.org.uk/tax-guides/savers-property-owners-and-other-tax-issues/savings-and-tax/help-save-savings-scheme

NedS

Both great advice above

Lifematters said:

As a non earner you can contribute up to £2880 a year into a SIPP which will automatically be increased to £3600 due to tax relief.  This is ignored in benefit calculations until the Pension is withdrawn. 

and yes, contributing to a pension or buying the property you live in are effectively the only way to build assets which are disregarded for means-tested benefits purposes.