Cash SIPP and universal credit capital allowance
Options
johnjosef
Online Community Member Posts: 13 Connected
Hi i am thinking of putting cash into a cash SIPP.Due to long-term illness, we’ve been unable to work claiming uc, and live on welfare benefits. I have no intention of taking any income from the SIPP until my official retirement. My question is would the DWP recognise my SIPP as a locked away pension which wouldn’t impact on welfare benefits? Or would it be classed as capital in a savings account?
0
Comments
-
Money in any pension pot is disregarded until you reach state pension age. (Unless you withdraw from it usually from age 55)
0
Categories
- All Categories
- 15.3K Start here and say hello!
- 7.2K Coffee lounge
- 89 Games den
- 1.7K People power
- 118 Announcements and information
- 24K Talk about life
- 5.8K Everyday life
- 414 Current affairs
- 2.4K Families and carers
- 868 Education and skills
- 1.9K Work
- 526 Money and bills
- 3.6K Housing and independent living
- 1K Transport and travel
- 626 Relationships
- 1.5K Mental health and wellbeing
- 2.4K Talk about your impairment
- 863 Rare, invisible, and undiagnosed conditions
- 923 Neurological impairments and pain
- 2.1K Cerebral Palsy Network
- 1.2K Autism and neurodiversity
- 39.5K Talk about your benefits
- 6K Employment and Support Allowance (ESA)
- 19.6K PIP, DLA, ADP and AA
- 8.3K Universal Credit (UC)
- 5.7K Benefits and income