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Using all of pension lump sum

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davida
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4 years 8 months ago #253351 by davida

Using all of pension lump sum was created by davida

Hi Wonder if you can help me. Next year when I reach state pension age , I intend to use all of my private pension pot to move home to a more suitable property. I am asking as to whether I will still get income related benefits or will it be classed as deprivation of capital even though it will be my primary and only house to live in. I do understand the tax implications and I am getting an FA, when the time comes. Thanks

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latetrain
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4 years 8 months ago #253355 by latetrain

Replied by latetrain on topic Using all of pension lump sum

Hi davida

Try and get advice from a salaried Welfare Rights Worker.

The rules on Deprivation of Capital are not complicated but are subject to interpretation by a DWP Decision Maker, which means it can be very difficult to pre-empt what one DM might do and another will not. There are therefore no guarantees that any advice given will be followed by a DM.

If you receive Income Related ESA in part or in whole then any lump sum will be treated as capital, see the following

Asset and savings rule for ESA(IR)

Any regular income will be deducted from your ESA(IR) £ for £.

Gary

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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