UC - do I need to report savings every month?

peteuk

KxMx said:

I'm over £6k on paper due to Cost of Living Payments, with the disregard I'm under so don't report.

When my claim was reviewed they were absolutely fine with what I'd done. 

I'm concerned about repeatedly having to explain this with freer DWP access to my accounts. 

Just for general awareness, for the COL payments to be disregarded you need to show that you still have it, eg if you claim £1000 of COL your savings must not drop below £1000. 

jadex

funkygal said:

I'm fine with random reviews. Just prefer not to be sending in bank statements for all my accounts, as I have many, every month. Saying that, I'm fine with it if that's what needs to be done each month my savings goes up by more than £250. Just trying to get my head around it as it's my first time on UC.

When your savings go up you can safely assume no printing/visit/check necessary as they are happy to pay you less.
When you report decrease in savings then expect automatically frozen payment until you comply with whatever they ask you to do.

On a side note: £250 seems too granular in this day and age.

Robbie64

jadex said:

On a side note: £250 seems too granular in this day and age.

It is. The £250 (£500 for pensioners) increments have been the same for means tested benefits since April 1988 though back then it was applied for capital between £3000 and £6000. £250 / £500 is now £700 / £1400 according to the inflation calculator at the Bank of England website. If a high number of people were reporting capital between £6000 and £16000 it would cause an administrative burden if reported every month so I can only assume most people receiving a means texsted benefit don't have capital above £6000.