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How much can a person claiming Universal Credit have in savings?
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TUVOK
Posts: 530 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.2
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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: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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