Hi, my name is Joshuaoliver1! If my husband take 5000 out on his pension what will universal credit

Joshuaoliver1

Hello ? If my husband take 5000 out on his pension what will universal credit take

Holly_Scope

Hi @Joshuaoliver1 and welcome to the community 🙂 Is this a one off amount your husband is withdrawing? If so, it should count as part of your capital. As it's under £6,000 this shouldn't effect your benefits, however if you are concerned you can ask DWP for confirmation.

Best wishes,

chiarieds

Hi @Joshuaoliver1 - & welcome to the community. Depending on the amount of savings you already have, I might be slightly disagreeing with Holly_Scope:

If your husband withdraws this £5k lump sum you'd need to inform the DWP if your savings would then have gone over £6,000. For every £250, or part thereof, over £6,000 then UC is reduced by £4.35 per month. However if this were to take you to £16,000 or over, then entitlement to UC ends.

The amount of capital taken into account is what is in your account at the end of your assessment period. So if you get the pension money early in your assessment period (& depending on what you want the money for, e.g. paying off any debts), if you spend sufficient of the £5k you could be below £6,000 again by the end of your assessment period, in which case this wouldn't adversely affect your UC.

Joshuaoliver1

Thank you we only have 5000 no savings or anythink alse in savings only this

Kimi87

Savings is a loose term, you'd need to add up any money in current accounts etc when calculating how much capital you have for UC purposes.