SIPPS: I've not triggered ongoing pension but will it count as savings for disability benefits?

Nitram
Nitram Online Community Member Posts: 1 Listener
edited July 28 in Benefits and income

I am a disabled widow in my 60s but not yet of pension age. My late husband cashed in our workplace pensions before he died and managed them in SIPPs, one each. He continued paying into them until he was killed at 67, converting a large chunk of his salary to pension contributions.

The funds are now managed by a firm of financial advisers. I have taken small lump sums, well under 5% of the total, to pay for home improvements and repairs. I have not triggered ongoing pension income, and have no intention of doing so until reaching pension age.

My question is whether these pension investments are counted as savings when it comes to disability benefits and support (I get direct payments from my local council that I use towards the cost of carers), as I have not triggered pension payments? I'm sure I read this on your website but can't find it again.

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Comments

  • OverlyAnxious
    OverlyAnxious Online Community Member Posts: 4,881 Championing

    Hi,

    SIPP's don't count as savings for DWP means tested benefits such as Universal Credit. And PIP doesn't have any savings limit. So disability benefits shouldn't be affected by this.

    Councils can make their own rules though, so it might be worth double checking with them regarding the direct payments.

  • Mary_Scope
    Mary_Scope Posts: 2,239 Scope Online Community Children and Family Specialists

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

    I see OverlyAnxious has already answered your question so I won't add anything new today but its lovely to have you here on the community and I hope you enjoy your time here!

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