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ESA support (migrted to UC) Defined pension query
- guiditta
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1 week 5 hours ago #307098 by guiditta
ESA support (migrted to UC) Defined pension query was created by guiditta
Hi
If anyone can advise I would be so grateful
I have been on ESA support and successfully migrated. My allowance is as follows standard allowance £400.14 plus LCWRA £423.7
I recently had to find £3,500 as the freeholder wanted the windows replaced to his tenanted flat upstairs and I live in a converted house so I needed to do them too. It was suggested I look in to see if I had anything in my private pension that I had ignored as I thought it there would be next to nothing in it..
Its turns out unexpectedly there was enough to cover my part of the windows and and small amount I thought when I retire. However when I was informed about the lump sum I was told I woud get a private pension of a quarterly gross pension of £1649.85 starting this year an amount that I thought was being deferred when I retire as I have no one to rely on I thought it might help in old age
It appears it is called a defined pension and you can't take out a lump sum wothout taking this quarterly amount.
I could cancel the lump sum as I have credit cards and stop the private pension payments which haven't started yet. I have had a smooth transition and I just can't cope with anymore bureaucracy and tribunals and everything.
Of course it was a surprise to find out there was this small pension, but it is not going to make me financially better off and may cause more problems than it solves. Can any one please advise? Thanks
If anyone can advise I would be so grateful
I have been on ESA support and successfully migrated. My allowance is as follows standard allowance £400.14 plus LCWRA £423.7
I recently had to find £3,500 as the freeholder wanted the windows replaced to his tenanted flat upstairs and I live in a converted house so I needed to do them too. It was suggested I look in to see if I had anything in my private pension that I had ignored as I thought it there would be next to nothing in it..
Its turns out unexpectedly there was enough to cover my part of the windows and and small amount I thought when I retire. However when I was informed about the lump sum I was told I woud get a private pension of a quarterly gross pension of £1649.85 starting this year an amount that I thought was being deferred when I retire as I have no one to rely on I thought it might help in old age
It appears it is called a defined pension and you can't take out a lump sum wothout taking this quarterly amount.
I could cancel the lump sum as I have credit cards and stop the private pension payments which haven't started yet. I have had a smooth transition and I just can't cope with anymore bureaucracy and tribunals and everything.
Of course it was a surprise to find out there was this small pension, but it is not going to make me financially better off and may cause more problems than it solves. Can any one please advise? Thanks
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- latetrain
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3 days 2 hours ago #307304 by latetrain
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by latetrain on topic ESA support (migrted to UC) Defined pension query
Hi guiditta
Welcome to the forum.
You might want to have a look at the following FAQ which explains where everything is; www.benefitsandwork.co.uk/guides-for-claimants/faq/forum.
Your question is outside the remit of the forum and we would advise you to seek advice from your local Welfare Rights Organisation; advicelocal.uk they will be able to take all your circumstances into consideration.
The rules under UC is different than legacy benefits, you have not stated which ESA you were in receipt of.
Under UC any pension is deducted £ for £, if you get a lump sum over £16K you could loose any means tested benefits so you do need to seek advice before doing anything.
Gary
Welcome to the forum.
You might want to have a look at the following FAQ which explains where everything is; www.benefitsandwork.co.uk/guides-for-claimants/faq/forum.
Your question is outside the remit of the forum and we would advise you to seek advice from your local Welfare Rights Organisation; advicelocal.uk they will be able to take all your circumstances into consideration.
The rules under UC is different than legacy benefits, you have not stated which ESA you were in receipt of.
Under UC any pension is deducted £ for £, if you get a lump sum over £16K you could loose any means tested benefits so you do need to seek advice before doing anything.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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