Pension potts

Pete2
Pete2 Online Community Member Posts: 86 Empowering
edited October 2021 in Benefits and income
Hi , newbee here 1st message so please be nice to me lol. My question is this........i care full time for my disabled wife who is on top level PIP.  We do have savings , but after 30 years living in the same house its now time to return some TLC , so i wish to dip into my private pension pots to help pay for repairs and updates to make our house more adaptable for my wife..iam 62 years old so i do not receive state pension ...yet....i do receive IS, which i know i will loose if i cash in one if my potts, but if i do cash in will i also loose my carers allowance as well......ty...Peter

Comments

  • April2018mom
    April2018mom Posts: 2,863 Championing
    Here is some information on pension pots https://www.pensionwise.gov.uk/en/pension-pot-options
    I recommend contacting your local bank also. Alternatively you can apply for a DFG. https://www.gov.uk/disabled-facilities-grants
    Sorry I have no experience with carers allowance however. 
  • poppy123456
    poppy123456 Online Community Member Posts: 64,456 Championing
    Hi,

    Carers Allowance isn't affected by any pension you cash in. Before cashing in the pension i'd advise you to get some expert advice from an agency near you. Any savings of more than £6,000 will affect your IS by £1 for every £250 over that amount. Anything over £16,000 and all means tested benefits will stop, including any housing benefit and council tax reduction you maybe claiming.

    As all areas are now a full Universal Credit are you won't be able to claim for IS any time in the future, it will be UC you'll need to claim.
  • Pete2
    Pete2 Online Community Member Posts: 86 Empowering
    Hi ty all for a quick reply........the cash pott/potts will be used for house repairs and some mods to make life much better for my disabled wife....such as converting our bathroom to a wet room....installing a stair lift etc......so the cash wont be around for any length of time......again ty for the replys.......Peter.

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