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William
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8 months 4 weeks ago #287996 by William

Private pension was created by William

Hello I claim income related ESA and PIP enhanced rate daily living. I've recently opened a private pension with standard life and was planning to pay money into it. I need to know if I have to declare this to DWP and if money that I have put in to my pension pot will effect my entitlement to benefits. I can't access it until retirement age which I my case is 2047. Can I do this without it effecting my benefit entitlement? Is it only when you withdraw money from a pension that it effects ESA or does the amount saved in it does too? Cheers Bill

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Gordon
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8 months 4 weeks ago #288014 by Gordon

Replied by Gordon on topic Private pension

W

Yes, you can pay your benefits into a pension.

Your pension fund will be disregarded as an asset until you reach State Retirement Age.

One-off payments from your fund will be treated as capital, regular payments will be treated as income initially and then as capital. Both can affect your ESA.

Gordon

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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