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Old works pension and it's affect on IR benefits
- mumsgirl
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19 hours 55 minutes ago #298342 by mumsgirl
Old works pension and it's affect on IR benefits was created by mumsgirl
I know this isn't the place to ask for advice about old works pensions (£50k) so I was wondering if anyone on here could point me in the right direction please? Im over 55, I get housing and council tax benefit and IR ESA support (I guess I will be moving to UC soon). I don't think I will ever be able to go back to work and at pension age I will have to claim housing benefit because im not a home owner. I'm trying to find out if I took a lump sum for house things (under £6k, so as not to get £4.35 for every £250 deductions)from my works pension would it 'open up' my pot and be regarded as 'notional' capital and my claim will stop because it's assumed I have the £50k even though its not in my bank acc. The other answer i'm looking for is how many ad hoc lump sums can I take before it's regarded as regular income and would therefore come off my benefits pound for pound. I have tried the pension provider, CAB, pension wise/money helper and they all gave generic advice about options but none seemed to know the answer to my questions (which suprised me as im sure theres other people that now claim IR benefits but have an old works pension from years ago) and told me to contact the other 2 parties! Any advice or personal experience would be greatly appreciated.
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- David
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15 hours 22 minutes ago #298366 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Old works pension and it's affect on IR benefits
Hi mumsgirl,
Notional income as far as pensions are concerned is only considered once a claimant has reached State Pension Age. That is the general rule but like any rule there may be some exceptions which I am not aware of.
As far as what is a pension lump sum and what is income drawn down you will need to contact your pension provider as they make that decision not the DWP.
Let me know how you get on
David
Notional income as far as pensions are concerned is only considered once a claimant has reached State Pension Age. That is the general rule but like any rule there may be some exceptions which I am not aware of.
As far as what is a pension lump sum and what is income drawn down you will need to contact your pension provider as they make that decision not the DWP.
Let me know how you get on
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- Gaddy
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14 hours 57 minutes ago #298368 by Gaddy
Replied by Gaddy on topic Old works pension and it's affect on IR benefits
Hi mumsgirl,
In the past I have taken a couple of lump sums from a pension pot, I did not go over the 6k threshold but I wrote to the DWP each time to let them know. I was on income related ESA and housing benefit.
Some time after the last lump sum was taken I was phoned by the DWP fraud department who asked me if I was receiving the amount I took per month! Even though I had done everything correctly they still asked for a bank statement showing the credit which I sent with a copy of the letter I had originally posted. An over enthusiastic staff member from the Fraud dept perhaps but I was stressed and was pleased I had kept a copy of that letter.
So do inform them and keep a copy of the correspondence just in case would be my advice.
Gaddy
In the past I have taken a couple of lump sums from a pension pot, I did not go over the 6k threshold but I wrote to the DWP each time to let them know. I was on income related ESA and housing benefit.
Some time after the last lump sum was taken I was phoned by the DWP fraud department who asked me if I was receiving the amount I took per month! Even though I had done everything correctly they still asked for a bank statement showing the credit which I sent with a copy of the letter I had originally posted. An over enthusiastic staff member from the Fraud dept perhaps but I was stressed and was pleased I had kept a copy of that letter.
So do inform them and keep a copy of the correspondence just in case would be my advice.
Gaddy
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