Hi, Due to my illness I have decided to claim my pension at 55, I receive National Insurance contributory ESA at the moment. I am thinking about converting my DB pension to a Freedom pension, by doing this I only receive the 25% tax free lump sum and then reinvest the rest back into a another pension and not receive a monthly amount. As I will not be getting the monthly pension, do I need to advise DWP of the lump sum? Thanks
Catherine wrote: Hi, Due to my illness I have decided to claim my pension at 55, I receive National Insurance contributory ESA at the moment. I am thinking about converting my DB pension to a Freedom pension, by doing this I only receive the 25% tax free lump sum and then reinvest the rest back into a another pension and not receive a monthly amount. As I will not be getting the monthly pension, do I need to advise DWP of the lump sum? Thanks
I'm sorry but we cannot give financial advice on the forum.
Get face to face advice from a trained advisor before making any decision.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
