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ESA contribution based sipp
- Lisa
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10 months 1 week ago #294627 by Lisa
ESA contribution based sipp was created by Lisa
Hello everyone. I am on contribution based ESA. I have pensions I want to combined into one sipp pot. That I can drawer down when I need money. I have asked contributions based ESA is this ok and will I be stopped any ESA. They came back said ok as long as not regular payment. The question is if I drawer down once a year example is that classed as regular. What is not classed as regular. Still waiting for an answer and has been going on for 5 months. I am unable to combine my pensions to sipp until they get back to me with an accurate answer
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- latetrain
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10 months 1 week ago #294700 by latetrain
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by latetrain on topic ESA contribution based sipp
Hi Lisa
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.
The first lump sum that you take should be treated as capital and therefore should have no effect on your ESA(CB), any regular payments and possibly and any second lump sum will be treated as pension income and may reduce your ESA(CB) depending on the amount.
There is an £85/week disregard followed by a £1/week deduction for every £2 in excess of the £85. If you draw down on more than one pension add them together to get a weekly amount.
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.
The first lump sum that you take should be treated as capital and therefore should have no effect on your ESA(CB), any regular payments and possibly and any second lump sum will be treated as pension income and may reduce your ESA(CB) depending on the amount.
There is an £85/week disregard followed by a £1/week deduction for every £2 in excess of the £85. If you draw down on more than one pension add them together to get a weekly amount.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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