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SillyBilly

Benefits & Savings

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I keep a fair amount of money outside pension wrappers (in ISAs plus max out TSB 5% interest account). Enough to live off comfortably for several years. I have always thought if I was made redundant I would transfer the lot immediately into my SIPP and make a claim, apart from this arguably being immoral, would that affect a claim on benefits/be legal?

Hopefully this is all hypothetical but my attitude has sadly completed changed these days on welfare. If everyone else is dining out on it, I don't see the problem of getting a fraction of what many others get for what would (hopefully) be a very short period of time. I don't like how our system rewards the feckless (not a game I think is fair) and it would seem a nice little protest move.

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Moving a large sum of money out of your reach (putting it into a SIPP or paying a chunk off the mortgage would both count) would make you ineligible for anything other than contribution based benefits. I'm not sure how long for though.

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IIRC, the term you're looking for is "deprivation of capital". Basically, if you do as you've described then they'll do the sums as if you still had access to the capital.

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You can only put £40k in each year and this is seriously wound down if you're a final salary pension.

I'm not a great advocate of it as an investment but if you think that situation is possible then start winding down your other non-SIPP investments and start buying gold (small amounts, different sellers) to take your savings off the radar.

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Get a mortgage that you can overpay and then extract the over-paid money from, then constantly over pay to stay below the £6000 savings threshold at which you won't lose any benefits. You need to do this before you know you will be made redundant of course. Then when you are redundant, just use up your savings, then extract more money from your mortgage to live on. Fees and interest rates on such mortgages might make this a stupid idea... or the overpaid money might still be considered savings, since it is accessible.

I will be redundant in a couple of weeks (was all set to move 2000 miles, then the job offer got withdrawn at the last minute), and I intend to claim all the benefits I can, too!

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Hmmm not sure about all this. With a mortgage and home you don't qualify for housing benefit. Assuming no additional needs that leaves you with just jobseekers/ESA...70ish quid a week. OK for a while while you're contribution based, then becomes a Ballachulish of attending every two weeks and evidencing all those minimum wage jobs you've been applying for.

Benefits are a safety net...not quite the cushy lifestyle you'd think they are.

P

More a thought experiment, only hypothethical. I have a pretty secure job (I think).I certainly don't think they'd be cushy for someone like me!

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Frank Hovis has offered the best advice. Keep your wealth out of the system. I did and have only this evening sold the last ounce of PGM from my portfolio (no longer longtomsilver but tomnosilver )as I'm heading in a different direction to you (don't require the hedge right now and that isn't to say I won't be buying back again in the future*).

SIPP is also useful as that'll be protected in the event of bankruptcy.

*In 10-15 years time I could find myself with a £25k credit card debt and a £15k loan living in one of my daughters properties. I might then be watching Jeremy Kyle on a television that's sat on my treasure chest while claiming out of work benefits until a time comes when I can access the pension. Not saying it's going to happen but I'm planning for every eventually.

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I keep a fair amount of money outside pension wrappers (in ISAs plus max out TSB 5% interest account). Enough to live off comfortably for several years. I have always thought if I was made redundant I would transfer the lot immediately into my SIPP and make a claim, apart from this arguably being immoral, would that affect a claim on benefits/be legal?

Hopefully this is all hypothetical but my attitude has sadly completed changed these days on welfare. If everyone else is dining out on it, I don't see the problem of getting a fraction of what many others get for what would (hopefully) be a very short period of time. I don't like how our system rewards the feckless (not a game I think is fair) and it would seem a nice little protest move.

No need to do that.First 6 months you get none means tested Job seekers allowance.At the end of the 6 months get a sick note for nerves etc and go on ESA.Its none means tested as well for a year.They will kick you off it after about 6 months once they get around to a medical and see there is nothing wrong with you..Put an appeal straight in,should get another 3 months until they chuck appeal out.Then claim tax credits as self employed.Retail is best,tell them your doing markets.30 hours work on form, profits less than £6200 a year you pay no tax and get full tax credits.You can get 2-3 years at least without any means testing at all.

Keep two bank accounts,one you use for all bills,wages etc,another you keep for moving cash into other areas.A few bookies accounts are good like Betfair,move money into those spread about and leave sat there.If they ask for bank accounts give the one you use all the time.If they did ask it would be a quick glance.

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I take the view that you aren't contributing that much tax wise if you are out of work or take the early retirement option so it's not really worth worrying about benefit lifers or spendthrifts who get to claim big.

Myself, got to see through the next 15 years (at least if state retirement stays at 67)and I can do that comfortably as could my partner except she can't seem to stop stashing and working even though she has stashed enough for two lifetimes imo.

That seems preferable to living with ATOS breathing down your neck.

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Hmmm not sure about all this. With a mortgage and home you don't qualify for housing benefit. Assuming no additional needs that leaves you with just jobseekers/ESA...70ish quid a week. OK for a while while you're contribution based, then becomes a Ballachulish of attending every two weeks and evidencing all those minimum wage jobs you've been applying for.

Benefits are a safety net...not quite the cushy lifestyle you'd think they are.

P

Making sure you don't get offered one of those is where a temporary facial tattoo would come in handy :) (obviously I wouldn't recommend a permanent one for £70 pw).

I decided to sign in 2009 for a few months when I was 'between jobs'. I was only eligible for non means tested JSA for 6 months due to my savings.

First few months were OK - nice relaxing holiday really due to the few redundancy payout and £300pm from JSA - and then I had to start applying for dire McJobs, keep 'return to the world of work' diaries, and attend utterly pointless A4E training courses (with lots of illiterate or virtually non English speaking people).

I signed off after 5 months as not worth the hassle, and went IT contracting again. If I got made redundant again I'd probably only sign on for the initial 3 months, just for the petrol money and to keep my NI conts intact.

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I managed to take £142 and two weeks before I gave in due to the hassle. I may go in next time reeking off my face and after a wee pill and will probably get signed on no bother for 3 months. May even get some disability allowance. :)

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What a mug you are to save nowadays! :blink:

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Signing on is crap!I have done it a few times, I especially like to be quizzed by somebody with a brain not much larger than a whelk.

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Signing on is crap!I have done it a few times, I especially like to be quizzed by somebody with a brain not much larger than a whelk.

I tried it a couple of years back. I'm sure they make it demoralising on purpose and you need to be third generation dole scum to able to fill out the form correctly. I was happy when they said I didn't qualify.

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I tried it a couple of years back. I'm sure they make it demoralising on purpose and you need to be third generation dole scum to able to fill out the form correctly. I was happy when they said I didn't qualify.

It's really changed!

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It would be interesting to correlate the people on this thread discussing how to game the benefits system, with those on other threads who hate immigrants because they supposedly come to the UK for generous benefits.

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Howay Moderators - shove this "I've got more gold and pot-noodles stashed than you" thread in the main forum where it belongs..!

This is "off-topic" - we don't discuss this kind of meaningless shite round here man..!

Anyway, back to the extreme dieting, deluded old slappers and faked moon-landings...

XYY

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It would be interesting to correlate the people on this thread discussing how to game the benefits system, with those on other threads who hate immigrants because they supposedly come to the UK for generous benefits

Yes, I come here for generous benefits! Unfortunately I have not joined the House of Lords yet!

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It would be interesting to correlate the people on this thread discussing how to game the benefits system, with those on other threads who hate immigrants because they supposedly come to the UK for generous benefits.

To be fair, those on here seeking ways of 'gaming' the benifits system seemed to have paid substantial amounts into it. It's only right that if you have contributed, in your time of need you can draw on it. Doesn't seem to be working that way though so fair play

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To take it off topic so as to please xyy man, my only brush with the dole office was years ago. They had a pencil counter for 'share fishermen' whatever they are, but they seemed to get preferential treatment. Anyhoo, stood in the line I was and someone at the back shouted "hurry up, some of us have got work to go to'. Right full monty moment

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To take it off topic so as to please xyy man, my only brush with the dole office was years ago. They had a pencil counter for 'share fishermen' whatever they are, but they seemed to get preferential treatment. Anyhoo, stood in the line I was and someone at the back shouted "hurry up, some of us have got work to go to'. Right full monty moment

Why thank you Mr "one-out-of-a-hundred" - I can see us becoming firm "off-topic" friends.

Maybe not actual bum-chums like Pinny and renty - but friends none-the-less...

;)

XYY

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Why thank you Mr "one-out-of-a-hundred" - I can see us becoming firm "off-topic" friends.

Maybe not actual bum-chums like Pinny and renty - but friends none-the-less...

;)

XYY

Has this got something to do with plastic gloves and filling tanks?

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