Buying private pension and UC

pinemartine
pinemartine Online Community Member Posts: 63 Contributor
in Universal Credit (UC)

Hi, everyone.

I am expecting some inheritance and thinking to buy private pension with it as I don’t have property or much saving to support myself when I am older.

Currently I am on UC due to my health.
I wonder private pension would be considered as saving and might affect my UC.

Any advice’s appreciated. Thank you.

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Comments

  • Mary_Scope
    Mary_Scope Posts: 1,252 Scope Online Community Children and Family Specialists

    Hi @pinemartine

    Inheritance is treated as capital for Universal Credit so if you have over £6,000, UC may be reduced or Over £16,000, you lose UC.

    Money put into a private pension is not usually counted as savings for UC as long as the money stays in the pension and you’re not drawing from it, it’s generally safe🙂

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