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Hi, my name is shazbot1! Found an old pension pot, will this affect my UC claim?

shazbot1

Hi im under state pension age & i am on universal credit, i have just found a old pension & taken 2000 pound out to pay credit cards off, there is 11,500 pound left which is for when i reach pension age, will uc deduct money from my claim

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Comments

Mary_Scope

Hi @shazbot1 and a warm welcome to the community from me!

This sounds like quite a complex situation so it may be best to have a chat with your local benefit adviser as they should be able to advise you on the right answer😊

shazbot1

Hi, is there any other advice on my situation please

OverlyAnxious

Hi,

Money in a pension pot that you can't access immediately is not counted as capital.

The money you took out would be counted as capital, but I assume you have less than £6000 total (including that £2000) so there will not be any money deducted from your UC payment for that either.

shazbot1

Thank you so much, really appreciated, put my mind at rest

shazbot1

The 2000 is the only savings we have which will be paid on credit card

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