Universal Credit should relax £16,000 savings eligibility rule

[DreamChaser23]

do you agree? This is to ensure other workers who were laid off and have 16k OR higher in savings should also be eligible for help.

www.google.com/amp/s/www.mirror.co.uk/news/politics/dwp-must-change-universal-credit-21792760.amp

Genuinely stunned that people think this way.... the arguments for and against raising the threshold have been thrashed out many a time throughout this tread, but I still can’t believe that when push comes to shove people can be so disgustingly selfish.

DH and I have lost some income due to COVID-19 but are lucky that our day to day jobs allow us to continue to work from home for the time being. The second this appeared to be heading towards Pandemic status we worked out how much money we had to keep us going for as long as possible; the same money we’ve got saved up to pay off our help to buy loan. If we need to use that money to survive, then so be it - I would NEVER dream of suggesting that because we’ve always had jobs and paid tax, that we should be entitled to extra protection for our savings greater than the current threshold and for our outgoings to be partially covered by benefits when we have money sat in the bank. What the actual fuck are people thinking?

I do think that it’s amazing how much bureaucracy and red tape is easily overcome or vociferously challenged now that these problems are affecting the nation on a wider scale. All those jobs I’ve been told I couldn’t do from home as a reasonable adjustment due to my disability, now being successfully done at home. All the proclamations about UC being designed to force people to go out and look for jobs, and anyone who doesn’t immediately find a role working a milllion hours a week and earning £100k + just being lazy, or not working hard enough. Sickening.

@MarthasGinYard by dwindled right down you mean £15,999 that's a hell of a lot of money.

@Hester54 because it's in fund they can't access. So it's no good to them on the 3rd April 2020 . Do you think supermarkets can wait till the fund becomes available to pay for their food today or to heat their houses. If they access the pension fund and have the money in account they can access then they wouldn't get universal credit.

No, I disagree. And before someone complains, I've lost my job and am not entitled to UC.

CV is going to be enormous expensive, it's just unfortunate if people have to live on savings.

And 16k is a LOT to have saved.

@Hester54 nobody can "use" their pension until they retire. That's what a pension is. You can't access the money until then. Even if you stop paying into it, even if you cancel it, even if the plan stops running, even if the employer linked to it goes bust, you don't get it until you retire.

@Orangesox

Completely agree.

I wonder why Labour have been the party of Universal Benefits (child benefit was always universal, child tax credit has no savings limit) and it's the Tories who love means testing .......

'MarthasGinYard by dwindled right down you mean £15,999 that's a hell of a lot of money.'

Not really in the current state of play.

We've had to spend most of it already to pay bills can't access the last bits so will soon be on nothing. Literally.

Our job seekers ran out last week so we are now entitled to zero.

I was meant to start a new job this week but that now doesn't exist.

Having both worked constantly since leaving school, and never claimed a penny until 6 months ago it's pretty rubbish.

Almost makes me Wish we'd have spent the bit we got straight away, as we'd be entitled to all kinds now.

But if you have had to spend most of it and you virtually have nothing left you wouldn't have the money for the cap to affect you.

People keep talking about referencing politics on this thread. Seems logical that it would be people of a lefty, social democrat persuasion that would support people being able to keep their savings and still access support, reflecting the policy of contribution based JSA that we had under Labour.

If you think people should run down their savings before being able to access support, that demonstrates you aligning with Conservative policy.

People also keep referencing an attitude of, "you were all fine for people to suffer under UC before - amazing how you've all changed". These posters probably aren't the same types of people. Lots of people, from all backgrounds and earning levels, think UC is awful and they exercise votes at GEs that reflect that belief.

And incidentally pensions are tanking rn anyway. Mine shows up on my online banking account for some reason so I see the bloody thing every time I log on and it's gone down 25% in the last month. This is the third pension I've had that's been fucked - I lost two prior back before the regulation and protection regime was brought in. So I wouldn't be looking at people who have pensions with any sense of envy if I were you particularly those who are due to retire within the next few years before their funds have a chance to recover. We're all being fucked over financially by this to some degree. Nobody is doing well.

The time for universal basic income was now. But sadly we have a Tory government

but the other person will still have the million pound pension, why should they not have to use that in times of emergency?
Anyone with a million pound pension is likely to also have more than £16K in savings, so they too are unlikely to qualify.

For those who don't, they would probably much rather tap in their £1M pension than to claim UC.

So really, your point doesn't stand up much except to make a statement to justify that others should be able to keep £50K saved and still get UC.

Because simply put, there has to be a cut-off point.

It's nothing to do with playing the system. Until two weeks ago, many bleating on about the injustice would have been laughing at the mere suggestion of slumming it with the ruffians.

They invested their money elsewhere to the satisfaction of the system to show this wasn't to hide assets. Just the same way it is for anyone who has ever had to claim.

You're not special. The rules apply to everyone. I doubt anyone currently claiming wanted to start dipping into their savings when they were made redundant. But omg, guess what? If they wanted benefits they had to play by the rules. The rules say 16K

It would be foolish to reduce this amount. Yes, it's great for you now. But again, it points to someone who doesn't understand how basic economics work to think it would. Because in the long term, reducing the limit to protect your savings will spend your savings.

And who will pay for your special savings protection scheme? You. When you start working again.

Instead of moaning about the pittance you are missing out on. Set up a monthly transfer to your current account. Put a penalty on your savings account to deter you from spending it. Cut up all the credit and store cards. Forget about the expensive contract, nope Payg for you and this is a requirement by the way to look for jobs and keep in contact with UC. Try it for a month. See how much has gone from your savings? Now add in the tax mans increased cut when you return to work. 16k wedding did you say?

Santaclauswhosthat You can access your pension from 55, what’s to stop the government loaning you the money till you cash your pension, After all it was only the other the government is going to give people 80% of their wages.

dontdisturbmenow So let them tap their pension pot, instead of me having to touch my live savings that was going to be my pension pot, not very much I grant you, I couldn’t safe a lot over the years, help me now or help me in old age, not to far away, I haven’t a lot of time to build my savings back up

People can't tap into the pension pot as already explained to you. Honestly your inability understand basic things is worrying. You think the government is going to hand people money from their pensions that people can't tap into till 55 . That would be 30 years for me . Honestly your replies are baffling.

And this is the risk you took when you decided to make your pension plan. For whatever reason, you decided to keep it all in one pot was the wisest choice. I have sympathy for you, same with billions who have faced this daily, but that's how life goes. Had you got some advice, you might be sitting there with assets of 50k and around 3k savings.

MarthasGinYard
And once you got below the threshold, there was access available that everyone else gets. So any additional spends outside what the government deems to be enough, well if you're lucky you have savings. If not, you are really fucked, no savings and debts quickly piling up.

Peppafrig You would do very well having a PP of Million at 30,

Hester, aren't you contradicting yourself though? If you feel the government should change the rules to enable under 55's to access their pension, then it would follow that you have to spend your savings - which you have referred to as your pension pot - also.

Omg I can just imagine the treasury discussion on that proposal:

• so, minister, the average pension has fallen by 25% due to massive global fund and market collapse. Shall we let everyone take what's left out in cash so that they're not eligible for £94 a week UC?
• absolutely. Fucking cracking idea. Let's do it right away.

If it makes you feel better @Hester54, your mythical person with a £1000000 pension and no other savings, assets or anything whatsoever (ie no one) has just lost £250000 in the last fortnight.

Wind it in fgs.

"And 16k is a LOT to have saved."

Its subjective

why should they not have to use that in times of emergency?

Seriously, are you trolling at this point?

If it’s in a pension and they can’t access it, they need money to live.