What counts as savings for Universal Credit?
Savings are counted as any money you can get hold of relatively easily, or financial products that can be sold on. These include: cash and money in bank or building society accounts, including current accounts that don’t pay interest. National Savings & Investments savings accounts, and Premium Bonds.
What assets affect Universal Credit?
Savings, assets and investments
- assets of a business that is trading.
- premises or land you live in.
- occupational and personal pensions.
How will a lump sum affect my benefits?
If you take a lump sum amount from your pension and spend it quickly then apply for benefits, you might not be eligible because the money you’ve taken from your pension could be counted as ‘notional capital’ – this means it’s counted as capital when working out if you’re eligible for benefits.