Pip + saving — Scope | Disability forum
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Pip + saving

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letitbe
letitbe Community member Posts: 282 Pioneering
edited November 2023 in Benefits and financial support
I get UC and if I get awarded any pip I like to save it. If I save it and it takes my savings over £6000 I have to tell UC I know . Would I need to tell them every month because if I do save then it would increase every month? 
Do I report this on journal and do I send bank statement for that month ? 
Thansk 
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Comments

  • poppy123456
    poppy123456 Community member Posts: 54,395 Disability Gamechanger
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    Your UC will be reduced by £4.35/month for every £250 or part thereof over £6,000. So if you have £6,001 you tell them and then again when you have £6,251 and again at £6,501 etc etc.

    Your PIP money only becomes capital at the end of the period it's paid for. For UC purposes it's the last day of each assessment period that counts. For example, if your assessment periods at 15th to 14th of every month then it's the 14th of every month that counts.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • letitbe
    letitbe Community member Posts: 282 Pioneering
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    Oh thk u . 
    So i don’t need to tell pip ? Only UC ? I do this on journal ? 
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  • poppy123456
    poppy123456 Community member Posts: 54,395 Disability Gamechanger
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    PIP isn't means tested. Only the money left over at the end of the period is capital. Yes, you "report a change of circumstances" then in the list click "money, savings and investments" and report it through there.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • letitbe
    letitbe Community member Posts: 282 Pioneering
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    Can I ask another question pls . If I then had say £8500  savings and wanted to buy something that was say £2000 do I need to justify why I spent it? 
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  • poppy123456
    poppy123456 Community member Posts: 54,395 Disability Gamechanger
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    When you report your savings, if they then reduce and you report this they may ask what you spent it on. I'm not saying this is definite though.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • letitbe
    letitbe Community member Posts: 282 Pioneering
    edited November 2023
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    poppy123456 said:
    When you report your savings, if they then reduce and you report this they may ask what you spent it on. I'm not saying this is definite though.
    Thank u for all the  advice! 
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  • poppy123456
    poppy123456 Community member Posts: 54,395 Disability Gamechanger
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    You're welcome. :)
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
    · Share on FacebookShare on Twitter

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