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Employers Pension Pot And ESA/DLA
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5 years 3 months ago #224661 by Rob1
Employers Pension Pot And ESA/DLA was created by Rob1
Hello, up until Oct 2017 when my illness left me unable to work I worked for an employer for quite a few years and built up a (modest) Company Pension with Legal & General. Having just hit the age of 55 I would like to take a lump sum out of my Pension to place in a savings account to help cover unforseen expenses/bills. Could you tell me how much I can have in savings without the DWP penalising my ESA/DLA. Thank you for any advice or pointers you can give to advice. Rob.
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5 years 3 months ago #224671 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Employers Pension Pot And ESA/DLA
Rob
Your DLA is not affected.
It depends on what type of ESA you are receiving.
If you are only receiving Contribution Based ESA then it will not be affected by a one-off payment but any regular payments could reduce your payments.
If you are receiving Income Related ESA then the following applies
Asset and savings rule for ESA(IR)
Gordon
Your DLA is not affected.
It depends on what type of ESA you are receiving.
If you are only receiving Contribution Based ESA then it will not be affected by a one-off payment but any regular payments could reduce your payments.
If you are receiving Income Related ESA then the following applies
Asset and savings rule for ESA(IR)
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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5 years 3 months ago #224679 by Rob1
Replied by Rob1 on topic Employers Pension Pot And ESA/DLA
Hi Gordon,
I am on Income Related ESA, and to clarify I could have a maximum of £6000 after tax in savings without having any deductions from my ESA? Thanks, Rob.
I am on Income Related ESA, and to clarify I could have a maximum of £6000 after tax in savings without having any deductions from my ESA? Thanks, Rob.
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5 years 3 months ago - 5 years 3 months ago #224685 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Employers Pension Pot And ESA/DLA
Rob
To be clear it is assets and savings which extends to the cash in your wallet, so a pull-down of £6000 would be expected to put you over the limit but an amount that takes these into account and keeps you under £6000 would not have any impact on your ESA.
Gordon
To be clear it is assets and savings which extends to the cash in your wallet, so a pull-down of £6000 would be expected to put you over the limit but an amount that takes these into account and keeps you under £6000 would not have any impact on your ESA.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Last edit: 5 years 3 months ago by Gordon.
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