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Hi, my name is antbrigh58! will cashing out our pension pot affect our UC?
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antbrigh58
Community member Posts: 2 Listener
Hi am after some advice if possible, my wife and i are both under state pension age, we are on joint universal credit, i am terminally ill and my wife is my carer. My wife wants to cash in an entire pension pot of 6240 pounds 240 pounds over the limit for savings, however she is into 900 pound overdraft. Can someone please advise as to whether this will affect our universal payments.
Thank you
Thank you
Comments
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Hi @antbrigh58 and welcome to the community!
I'm not 100% on the answer to this, so I'll just move your post into a new section of the community, so more of our experts will be able to see it and hopefully give you the answers you need.
Albus (he/him)
Online Community Coordinator @ Scope
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Opinions expressed are solely my own.
Neurodivergent. -
Thank you! Most kind.
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Hi @antbright58 - & welcome to the community - yes, anything over £6k will reduce your UC by £4.35 for every £250 (or a part of£250) in every assessment period. Any amount of £16k or over would end your entitlement to UC. Remember that any pension pot would be in addition to any other savings you both already hold.
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