Hi, my name is Angel444!

Angel444
Angel444 Online Community Member Posts: 1 Listener
in Start here and say hello!

I have recently become unemployed due to illness, I am now in my 2nd month of not being able to work. I have applied for UC and receive Housing costs and a standard allowance, whilst being assessed for WCA and PIP. I am now 55 years of age and I am contemplating drawing down my pension of £7,600 as my UC payment is low. My question is if I do drawn down my pension as a lump sum, will I loose all my benefits.
Advice would be much appreciated.

Comments

  • Kimi87
    Kimi87 Online Community Member Posts: 5,040 Championing

    If you do a draw down the lump sum is counted as savings/capital.

    Capital over £6000 reduces the amount of UC payable. There would be a deduction of £4.35 for every £250 or part thereof over £6k.

  • Mary_Scope
    Mary_Scope Posts: 1,324 Scope Online Community Children and Family Specialists

    Hi @Angel444 and a warm welcome to the community

    I see Kimi has already answered your question and given some good advice so I won't add anything extra today but it's lovely to have you here on the community and I hope you find it to be a safe and supportive space😃

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