UC and Pension Deductions
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.
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I've read that it's deducted pound for pound, does anyone know if that's right? Thanks.
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My understanding is that it's deducted pound for pound.
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I believe that's what I've found as well, and that's my understanding too, so thank you.
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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.
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So even if you take out lump sums, that'll still be pound for pound if not at regular intervals?
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If you take a lump sum, that will count as capital straight away.
Not as a £ for £ income that would show on your statement.
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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?
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Yes the lump sum would count as savings, with the limits you mention.
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Thank you
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