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Savings

[Deleted User][Deleted User] Posts: 0 Connected
edited October 2018 in Finances and extra costs
My son has been awarded enhanced pip on both care and mobility. Does anybody know how much he can have in a savings account without being penalised. I'm trying to  build up a nest egg in case something happens to me. Also what about investments anybody any advice please I'm worried about his future as I'm suffering with bad health myself and the thought of him suffering when I'm gone is stressing me so much thank you

Replies

  • wilkowilko Posts: 1,919Member Disability Gamechanger
    As your son is only claiming PIP I am sure it does not affect your savings, the problems will arise if and when he has to because of age or need othe benefits which are or will be means tested. So any investments, savings, earnings income of any sort will all be taken into account when making a claim as to how much will be awarded. I know it sounds unfair, but those who have done without and saved for retirement ect now find they are penalised for having savings because they have been savvy and are unable to claim benefits while others who could or didnt save for later life or rainy day fund receive most benefits going.
  • Sam_ScopeSam_Scope Posts: 7,732Administrator Scope community team
    The CAB says:
    If you need extra help because of an illness, disability or mental health condition you could get Personal Independence Payment (PIP). 
    You don’t need to have worked or paid National Insurance to qualify for PIP, and it doesn’t matter what your income is, if you have any savings or you’re working.


    Scope
    Senior online community officer
  • [Deleted User][Deleted User] Posts: 0 Connected
    Thank you for your help
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