How much can a person claiming Universal Credit have in savings? 16 October 2022 at 2:08PM in Benefits & tax credits 6 replies 411 views

TUVOK

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.

calcotti

If it is an approved pension fund it will be ignored regardless of size.

TUVOK

calcotti said:

If it is an approved pension fund it will be ignored regardless of size.

It's a stocks and shares SIPP which I run for him held in HL, does that qualify to be ignored?

TUVOK

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!

NedS

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.

calcotti

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!

I don’t know what any of that means on this thread. Did you mean to post it in a different thread?

poppy12345

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!

I don’t know what any of that means on this thread. Did you mean to post it in a different thread?

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