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Cash Lump Sum and Occupational Pension with State
- lobsterpot
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4 years 11 months ago #231403 by lobsterpot
Cash Lump Sum and Occupational Pension with State was created by lobsterpot
Hi everyone,
I am at my wits end at what to do. I have the option of taking a large part of a pension which is in payment at the moment for a Lump Sum. Also I am a defeated pensioner of another scheme which I am not receiving at the moment.
Currently also receiving ESA in support group and PIP both are on enhanced level.
My question is how will taking a large lump sum out of my one pension effect my benefits I am currently receiving?. What would I lose out on?.
The lump sum would be between £20-£30 K
Many thanks
I am at my wits end at what to do. I have the option of taking a large part of a pension which is in payment at the moment for a Lump Sum. Also I am a defeated pensioner of another scheme which I am not receiving at the moment.
Currently also receiving ESA in support group and PIP both are on enhanced level.
My question is how will taking a large lump sum out of my one pension effect my benefits I am currently receiving?. What would I lose out on?.
The lump sum would be between £20-£30 K
Many thanks
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- Gordon
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4 years 11 months ago #231423 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Cash Lump Sum and Occupational Pension with State
Nobby
PIP is not affected by your savings and income.
If you are only receiving ESA(CB) then it is not affected by your savings but can be reduced by any regular pension income.
If you are receiving ESA(IR) in part or in whole then any saving over £6000 will reduce your payments and if you have more than £16,000 then your ESA(IR) will stop.
Gordon
PIP is not affected by your savings and income.
If you are only receiving ESA(CB) then it is not affected by your savings but can be reduced by any regular pension income.
If you are receiving ESA(IR) in part or in whole then any saving over £6000 will reduce your payments and if you have more than £16,000 then your ESA(IR) will stop.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- lobsterpot
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4 years 11 months ago #231426 by lobsterpot
Replied by lobsterpot on topic Cash Lump Sum and Occupational Pension with State
Hi Gordon,
Thank you for your reply, yes I am indeed on (CB) ESA in support group with Enhanced Care/Mobilty for PIP.
Kind regards
Thank you for your reply, yes I am indeed on (CB) ESA in support group with Enhanced Care/Mobilty for PIP.
Kind regards
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