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Hello there,
I think I'm correct on this but if a workplace or private pension is drawn out or given out in set amounts, does the UC deduct pound for pound based off what you got from your pension withdrawals?
Thanks.
I've read that it's deducted pound for pound, does anyone know if that's right? Thanks.
My understanding is that it's deducted pound for pound.
I believe that's what I've found as well, and that's my understanding too, so thank you.
Yes it will be deducted £ for £ if it is paid at regular intervals. Sometimes people take out lump sums and that will be treated as capital.
So even if you take out lump sums, that'll still be pound for pound if not at regular intervals?
If you take a lump sum, that will count as capital straight away.
Not as a £ for £ income that would show on your statement.
Is the lump sum like savings then basically, is it? So anything under 6k, no 4.35 reduction, anything over, there's the reduction, anything over 16k, no UC?
Yes the lump sum would count as savings, with the limits you mention.
Thank you
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