Cash SIPP and universal credit capital allowance
johnjosef
Online Community Member Posts: 15 Contributor
Hi i am thinking of putting cash into a cash SIPP.Due to long-term illness, we’ve been unable to work claiming uc, and live on welfare benefits. I have no intention of taking any income from the SIPP until my official retirement. My question is would the DWP recognise my SIPP as a locked away pension which wouldn’t impact on welfare benefits? Or would it be classed as capital in a savings account?
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Money in any pension pot is disregarded until you reach state pension age. (Unless you withdraw from it usually from age 55)
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