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How much can a person claiming Universal Credit have in savings?
TUVOK
Posts: 538
Forumite
My disabled son claims Universal Credit, I believe that I can fund a savings SIPP to £6K before it effects his benefit, can any one inform me if that is till correct?
Thanks for any/all replies.
Thanks for any/all replies.
0
Comments
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If it is an approved pension fund it will be ignored regardless of size.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.1
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Yes, you are both correct,
I thought that the column width was enough, should have checked, sorry.
Playing around trying to reset the spread sheet tools is my excuse!0 -
A SIPP is a personal pension. As @calcotti said above, all approved pension schemes are disregarded in full until state pension age.Otherwise, the maximum amount of capital (cash, bank balance, savings accounts, ISA's, Help to Buy, bitcoin, stocks and shares, second property, land etc) is £16k, above which they would be ineligible to claim. Capital above £6k would reduce the amount of UC they would be able to claim.I am a Forum Ambassador and I support the Forum Team on the Benefits & tax credits, Heat pumps and Green & Ethical MoneySaving forums. If you need any help on those boards, do let me know. Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.2
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I don’t know what any of that means on this thread. Did you mean to post it in a different thread?TUVOK said:Yes, you are both correct,
I thought that the column width was enough, should have checked, sorry.
Playing around trying to reset the spread sheet tools is my excuse!Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0 -
calcotti said:
I don’t know what any of that means on this thread. Did you mean to post it in a different thread?TUVOK said:Yes, you are both correct,
I thought that the column width was enough, should have checked, sorry.
Playing around trying to reset the spread sheet tools is my excuse!
It seems it was meant for their other thread here. https://forums.moneysavingexpert.com/discussion/6395138/problem-with-my-apache-open-office-spread-sheet#latest
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