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Pension aged 55

miracleboy

I understand if this not can be answered but just a general insight if anyone has experience with this. I am on ESA Support Group Income Related (not on uc yet) and also PIP High Rate for both. I would like to know my private pension is worth 14,000 and I can take a quarter when I am 55 which is next week, but obviously if effects my benefits I can’t do this. Just wondered what is the limit where it won’t effect my benefits?

Thank You

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Comments

poppy123456

Lump sum withdrawal is treated as savings. If it increases your total savings to more than £6,000 there's a £1/week deduction in your ESA for every £250 or part thereof over that amount. Savings/capital of more than £16,000 means entitlement to all means tested benefits end.

If you're claiming Council Tax reduction, some local Authorities have a maximum savings limit of £6,000 before entitlement ends. Single person discount is not affected.

If you drawdown a weekly/monthly income then it will be deducted in full from your ESA, for this reason there's very little point in taking this drawdown.

miracleboy

Thank you for your kind reply. It would be below £4,000. I do claim council tax and housing benefit. I was told by pension wise to phone HMRC or Dwp but am scared of it leading to a review again for my esa.

miracleboy

I would only take a quarter and leave the rest.

poppy123456

Yes, you do need to report the drawdown, if you go ahead with that. It will not prompt a review. If you're in the Support Group they are suspended still anyway.