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Lost pension lump sum

Ian56

Hi
I’m getting a £8000 lump sum from a lost pension ,how will this affect my joint universal credit . Thanks in advance

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Comments

poppy123456

It will be classed as savings. For every £250 or part there of over £6,000 there’s a £4.35/month deduction in your UC.

If you have any debt to pay off then you can do this without it affecting your UC.

Hannah_Alumni

Hello @Ian56

Welcome to the community!

I see Poppy has helped with your query, how are you keeping?

2oldcodgers

Ian56 said:

Hi
I’m getting a £8000 lump sum from a lost pension ,how will this affect my joint universal credit . Thanks in advance

When you say 'lost' do you mean that you had forgotten about it? I too have a 'lost' pension pot worth about £3000. It had moved through 4 companies to Aviva before I found it a few years back. They sent me a huge amount of forms to fill in to claim it. I then found out that I could have been getting a pension from it for the past 19 years. Anyhow, how did you manage trying to work out how much was left of your lifetime percentage allowance so as to make it worth claiming? Not knowing what my figure was I gave up and didn't bother any further.