Hi, my name is dwoody69! Will a lump sum from pension affect my UC if I'm paying off debts?

I have just taken out a huge lump sum from my pension
Do I declare it to uc.
Part of my payment was non taxable do I declare this
I gave paid off lots of debt with thus money does this change anything.
Any help please
Comments
-
Hi @dwoody69! I'm no expert on pensions I'm afraid, but I just wanted to pop in to say hello and welcome you to the community. I'll move your post over into our Universal Credit section. You've done nothing wrong by posting here, but if we move your post across hopefully more members with the right experience can find it and offer you some advice. Hope you'll find the community friendly and helpful 😊
0 -
A lump sum is treated as capital/savings when claiming UC. Yes, you need to declare it, all of what you received. Then they will very likely ask what you did with the money, which you will need to tell them.
Paying off debt is allowed when claiming UC BUT it does depend on what debt it was. For example, if you owed money to family or friends and you paid this back they may ask questions.
0
Categories
- All Categories
- 15.4K Start here and say hello!
- 7.3K Coffee lounge
- 88 Games den
- 1.7K People power
- 119 Announcements and information
- 24.1K Talk about life
- 5.8K Everyday life
- 423 Current affairs
- 2.4K Families and carers
- 872 Education and skills
- 1.9K Work
- 533 Money and bills
- 3.6K Housing and independent living
- 1.1K Transport and travel
- 627 Relationships
- 1.5K Mental health and wellbeing
- 2.5K Talk about your impairment
- 866 Rare, invisible, and undiagnosed conditions
- 923 Neurological impairments and pain
- 2.1K Cerebral Palsy Network
- 1.2K Autism and neurodiversity
- 39.9K Talk about your benefits
- 6K Employment and Support Allowance (ESA)
- 19.7K PIP, DLA, ADP and AA
- 8.4K Universal Credit (UC)
- 5.7K Benefits and income