DWP Universal Credit alert as claimants told 'remember' vital step in 3 situations

The Department for Work and Pensions (DWP) is reminding Universal Credit claimants of the vital step to update their accounts if they receive any lump sums, inheritances, or savings boosts. Failing to report these changes can lead to overpayments of benefits, which will need to be repaid and may be deducted from future payments. This reminder is crucial because having more than £6,000 in savings can reduce Universal Credit entitlement, with every £250 above this threshold decreasing the benefit by £4.35 until savings reach £16,000, at which point claimants are no longer eligible. Specific changes that must be reported include inheritance payments, redundancy pay, pension and life insurance lump sums, compensation payments, divorce settlements, and changes in the value of investments. Claimants are advised to log into their Universal Credit online account and report changes of circumstances under the "money, savings and investments" section as soon as possible to avoid overpayment... download the app to read more