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children savings and housing benefit

(5 Posts)
user1483617032 Thu 05-Jan-17 18:47:47

I made a new claim for housing benefit (not universal credit) i declared my sons savings, he has £2000 in an account that can be withdrawn i'm the trustee of it and i have savings of £3000. my son also has a child trust fund the government set up and i know that won't affect the claim. I read online that his accessible account can have 3k limit before it affect my claim, why 3k and what would happen if it goes over?

RedHelenB Sat 07-Jan-17 09:53:35

The idea is to stop people putting their savings under their childrens names in order to access benefits.

user1483617032 Sat 07-Jan-17 19:59:18

so if i want him to have more than 3k i should just invest it in his child trust fund even though there is a risk he could have less money than i put in?

Misselthwaite Sun 08-Jan-17 11:14:32

Yes but the trust funds aren't that risky. Or you could start him a pension scheme, sounds mad but with compound interest even a small amount now could be significant in 60 years time. Or get a grandparent to open an account for him.

user1483617032 Sun 08-Jan-17 13:07:16

i was talking about the children pension scheme to a friend today, i think it's a great idea. I havnt read much into it but if anything is held in a trust until they reach a certain age it won't affect any benefits my son may need in the future will it? i would hate for him to struggle financially because me and his family saving for him.

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