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Pension withdrawel

dolphins7

I have recently withdrew 2500 tax free from my pension the first 25 percent does this affect my UC ?

Also i have 5500 left after tax in my pension pot and was thinking of just lifting it as ive been moved into a new home and it needs lots of work done it is rented from the housing council

I got 5700 disturbance money which took care of moving and doing some of the house up after i spend what ive to spend on house if i lift the remaining 5500 ill be left with 2000 in my bank will this affect my uc payments etc

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Comments

poppy123456

You will need to report the changes to UC because they will eventually find out. If your capital remained under £6,000 then it would be disregarded anyway but you still need to report it. Same applies if you withdraw another lump sum.

Did you report the disturbance money you received? If not then you should have done that also.

dolphins7

Hi poppy

I only received the disturbance money last month do i just alter my savings which is now zero as ive spent it putting in new bathroom etc

This money did not take me over 6000 at any point it all came in at different times and was never ovet 6k

Do you think i should wait to withraw the other 5500 which is what i have left after tax is it the savings i report how would i word all this

poppy123456

What was the disturbance money for exactly ?

For the pension withdrawal you need to report exactly what you withdrew. You can do this by reporting a change of circumstances and then click money, savings, investments.

What you decide to do with the other pension amount is your decision. They may ask questions if you withdraw 2 lump sums in such a short amount of time, especially because when you add them both together it would be more than £6,000.

dolphins7

I lived in a multi and was moved to a bungalow so it was given to replace and start again by the housing exec

The 1st ammount is spent sorting house and bills as it never even went into savings so wouldnt even tough 6k in all all went in a different times and used