Cashing in an old work pension

Edd4545
Edd4545 Online Community Member Posts: 6 Listener
in Benefits and income

Hi there,

I'm on U/C and NS ESA with LCWRA and as I just turned 55 i would like to cash in an old work pension worth £3000. Need to do this as a family member who lent me money in the past has a situation change whereby the need money ASAP.

I understand being less than £6000 it shouldnt affect my benefits but my question is, do I need to inform dwp about the incoming payment and if so, is it simply writing it in my journal entry ?

Many thanks

ER

Comments

  • Chris75_
    Chris75_ Online Community Member Posts: 4,168 Championing
    edited December 11

    I would be tempted to inform them, as i got about £5k from an old pension when i was still in my 40s.

    Although still below 6 (Carol Vorderman, eat your heart out), i was very quickly summoned to speak to someone at the jobcentre, to explain where the money came from.

    All was well, and i heard no more about it.

    Not relevant, but i will mention it anyway; i had asked for the money, as i knew i wouldn't be able to work again. They wanted me to fill in a form, and get my GP to sign, agreeing i wouldn't work again, even though i was under 55.

Categories