Pension lump sum withdrawal

northernlass123
northernlass123 Online Community Member Posts: 8 Listener
in Universal Credit (UC)

Hi... If I withdraw a lump sum of £5000, will this stop or effect my universal credit payments. I don't want to risk losing my benifit, but need to make urgent home repairs and this is the only way I can do it. Many thanks for any advice x

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  • Jimm_Alumni
    Jimm_Alumni Scope alumni Posts: 5,713 Championing
    edited September 2024

    Hi @northernlass123, withdrawing a lump sum would count as capital, so if this takes you above £6,000 then it will begin to affect the amount you receive. It would not end your benefits unless it took your savings over £16,000 and for an entire assessment period. It shouldn't be seen as deprivation as you are using it to make necessary repairs.

    Have you looked into other ways you might be able to get help first? You can find a few here: Getting help with home improvements - Citizens Advice

    It also links to disability-specific help as well.

  • northernlass123
    northernlass123 Online Community Member Posts: 8 Listener

    Cheers for your help and advice x

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