Pension

Stuart2412 · May 16

Hi I have mpn a blood cancer it's called ET I am about to have injections to help the pain my legs started to shake in January I now cannot walk they say it's fnd not the mpn causing it my question is I am 53 and can get my pension on ill health tax free it's 16.000 and it will be lump sum I am on pip higher rate and lcwra and universal credit if I take the pension will I lose any of the benifits I am Stuart nice to meet you all

Stuart2412 · May 16

Can you help my question

Girl_No1 · May 16

Hi @Stuart2412 I'm sorry to hear of your health issues.

I think this page, here on Scope, answers your question.

https://www.scope.org.uk/advice-and-support/lump-sum-payments-and-benefits#:~:text=deprivation%20of%20capital-,Pension%20lump%20sums,with%20someone%20under%20pension%20age.&text=You%20can%20claim%20your%20pension,that%20offers%20free%2C%20impartial%20guidance.

OverlyAnxious · May 17

Hi Stuart,

As shown in the link above, if you take a lump sum of £16,000 your UC and LCWRA will stop completely.

PIP will continue as that is not means tested.

I would recommend taking a smaller lump sum if possible. For total savings between £6000 - £16,000, there is a small deduction made to your UC & LCWRA, but you would still get paid the majority of them.

(Maximum deduction of £170 per month with £15,750 total savings.)

Pension

Comments

Categories