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Benefits and Personal Pension.
- Mrs Doyle
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5 years 9 months ago #234224 by Mrs Doyle
Benefits and Personal Pension. was created by Mrs Doyle
Hi,I know I asked a similar question some time ago,but Im confused !,I have a personal pension of £30000 which matured 2 years ago when I was 60,I receive Income related ESA support group.I have savings of £1000.If I were to withdraw say £2500 using flexi access drawdown,would this affect my benefit?If I were to take smaller amounts in the future on a Ad Hoc basis would this affect my benefit?.Is there a situation where the DWP would say that I potentially have access to the full £30000 (minus relevant tax being paid).I understand that having savings up to £6000 is allowed,so I would not exceed this.Many thanks.
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5 years 9 months ago #234243 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Benefits and Personal Pension.
mrsdoyle
You are not required to action a pension until you reach State Retirement Age, this may be different for a man.
Any one-off payment from your pension will be treated as capital and as long as your total savings and assets do not exceed £6000 it will have no impact on your ESA.
Gordon
You are not required to action a pension until you reach State Retirement Age, this may be different for a man.
Any one-off payment from your pension will be treated as capital and as long as your total savings and assets do not exceed £6000 it will have no impact on your ESA.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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5 years 9 months ago #234249 by Mrs Doyle
Replied by Mrs Doyle on topic Benefits and Personal Pension.
Thanks Gordon,my state retirement age is 66 (man) Would I have to inform DWP of my withdrawals? thanks again.
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5 years 9 months ago #234250 by Gordon
If you are a man then the relevant age would be the State Retirement Age of a woman born on the same day as you, this may be the same as your actual SRA but you should check.
Ther is no requirement for you tell the DWP of a one-off withdrawal but I note that you say "withdrawals" in your latest post, repeated withdrawals from your pension run the risk of being treated as income and the amounts deducted from your ESA £ for £,
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Benefits and Personal Pension.
mrsdoyle wrote: Thanks Gordon,my state retirement age is 66 (man) Would I have to inform DWP of my withdrawals? thanks again.
If you are a man then the relevant age would be the State Retirement Age of a woman born on the same day as you, this may be the same as your actual SRA but you should check.
Ther is no requirement for you tell the DWP of a one-off withdrawal but I note that you say "withdrawals" in your latest post, repeated withdrawals from your pension run the risk of being treated as income and the amounts deducted from your ESA £ for £,
Gordon
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5 years 9 months ago #234275 by Mrs Doyle
Replied by Mrs Doyle on topic Benefits and Personal Pension.
Hi Gordon,I have checked the SRA for a woman and it is the same-66.When I say Withdrawals,I dont mean regular amounts at regular intervals,more like if the car needs repairs,home decoration and repairs,and any other relativley high bills over say £200.As I say,my main worry is that if I make that first withdrawal of £2500,(to replace a 24 yar old car with a slightly newer one),will the DWP then say as I have accessed my pension,then the remaining money will be deemed as available and therefore exceed the £6000 and £16000 IRESA thresholds,thanks for your invaluable help.
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5 years 9 months ago - 5 years 9 months ago #234307 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Benefits and Personal Pension.
mrsdoyle
No, you cannot be required to action a pension until you reach State Retirement Age so the pension pot will not be considered until then.
Gordon
No, you cannot be required to action a pension until you reach State Retirement Age so the pension pot will not be considered until then.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Last edit: 5 years 9 months ago by Gordon.
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