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How much can a person claiming Universal Credit have in savings?

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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.

Comments

  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • TUVOK
    TUVOK Posts: 530 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    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
    TUVOK Posts: 530 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    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
    NedS Posts: 4,470 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    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
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • poppy12345
    poppy12345 Posts: 18,879 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper
    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

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