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Savings And Job Seeker Sllowance


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#16 'Bart'

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Posted 07 December 2011 - 07:50 AM

According to this MoneySavingExpert thread, up to 6 months statements plus ISA statements could be required for Income based JSA.

LINK

(Although that thread is 3 years old.)

#17 inflating

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Posted 08 December 2011 - 12:08 PM

Sounds like it would be worth transferring your money from 'savings' into something else like premium bonds, shares, precious metals or something else than cash. This is what I am doing for retirement so that I can get full benefits as it looks to me that it is not worth buying a house or saving for a pension.


Surely Premium Bonds and shares are classed as savings, just as cash is. PMs I don't know about but if they see you have disposed of your money on the quick just to get benefits, probably you're disallowed or even done for fraud. Personally I would not play it any way other than straight with them, yes I know it's very irritating but that's the law

#18 rented

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Posted 08 December 2011 - 08:14 PM

Surely Premium Bonds and shares are classed as savings, just as cash is. PMs I don't know about but if they see you have disposed of your money on the quick just to get benefits, probably you're disallowed or even done for fraud. Personally I would not play it any way other than straight with them, yes I know it's very irritating but that's the law


AFAIK the only things that are exempt are physical things you own (e.g. clothes, tv, a car, any precious metals) and property provided it is your only property and you live in it i.e. it is your home.

Also AFAIK, the only way it is legal to spend more money than you have previously spent on rent/food/bills is to buy a house to live in as your one and only home.

ETA: converting say 50k into PMs to claim benefits would be capital deprivation and fraud as inflating says though.

Edited by rented, 08 December 2011 - 08:16 PM.


#19 'Bart'

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Posted 09 December 2011 - 04:44 PM

Surely Premium Bonds and shares are classed as savings, just as cash is.

True, but cash in a shoebox at home doesn't show up on any bank statements.

#20 'Bart'

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Posted 09 December 2011 - 04:46 PM

ETA: converting say 50k into PMs to claim benefits would be capital deprivation and fraud.

If you did it all at once with that intention.

But if you bought say, 3000 worth every so often on the off chance of one day being made unemployed....

#21 rented

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Posted 09 December 2011 - 07:46 PM

True, but cash in a shoebox at home doesn't show up on any bank statements.


Indeed. Plus there can be up to 6k in the bank (level at which means testing kicks in) so as long as there isn't a particularly obvious paper trail as to where the rest went. Although I can't imagine many people in this day and age wondering why someone appeared to save so little.


If you did it all at once with that intention.

But if you bought say, 3000 worth every so often on the off chance of one day being made unemployed....


An insurance policy of sorts... would be a very good plan under the current means tested system.

Edited by rented, 09 December 2011 - 08:04 PM.


#22 zebbedee

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Posted 10 December 2011 - 06:04 PM

Do you know how many months?

Unfortunately not, it's been a long time since I got stung by them so I cant recall and it may well have changed now.
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#23 My Name Is ??

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Posted 23 January 2012 - 07:06 PM

If Shares, Investment Bonds etc are held in a Stocks and Shares ISA does this count as savings also to the means testing? I'm guessing funds held in a SIPP in what ever form are not as they can not be drawn on until retirement.

#24 SuperChimp

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Posted 23 January 2012 - 08:13 PM

If Shares, Investment Bonds etc are held in a Stocks and Shares ISA does this count as savings also to the means testing? I'm guessing funds held in a SIPP in what ever form are not as they can not be drawn on until retirement.


All savings you have, including Shares and Investment Bonds are taken into account. Anything over 6,000 is deducted from JSA up to 16,000 when you are no longer entitled. Pension plans are not important.


The best policy is to just declare everything that you have and let the DWP decided for you. It is really not worth lying and risking a criminal record.




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