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cashing in pension pot
- timnok600
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9 years 11 months ago - 9 years 11 months ago #135458 by timnok600
cashing in pension pot was created by timnok600
Hi, I'm thinking of cashing in a small £5000 pension pot. I'm 56 years old and I'm on Contributions based ESA, I'm in the support group. I have MS. Will cashing in this pot affect my ESA benefit ? Do I need to tell the DWP that's I'm cashing it in.
thanks Tim
thanks Tim
Last edit: 9 years 11 months ago by slugsta.
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9 years 11 months ago #135475 by slugsta
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by slugsta on topic cashing in pension pot
Hi Tim,
As long as you are only on Contributory ESA, with no Income-Related top-ups, then this will not make any difference to your ESA and I see no reason why you need inform DWP. Of course, if you have any IR top-up (or other IR benefit) then you will need to inform the relevant department.
As long as you are only on Contributory ESA, with no Income-Related top-ups, then this will not make any difference to your ESA and I see no reason why you need inform DWP. Of course, if you have any IR top-up (or other IR benefit) then you will need to inform the relevant department.
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- Gordon
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9 years 11 months ago #135480 by Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic cashing in pension pot
timnok
Please remember that whilst the rules for accessing pensions have changed the rules surrounding this, e.g. tax have not.
Gordon
Please remember that whilst the rules for accessing pensions have changed the rules surrounding this, e.g. tax have not.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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9 years 10 months ago #136403 by timnok600
Replied by timnok600 on topic cashing in pension pot
Hi Mrs Huntyback and Gordon,
thank you for your reply's, i just have a quick follow up question.
I do receive tax credits, only about £10 a month. I rang the tax credits office to ask them how cashing in pension pot should be dealt with. The advisor, after putting me on hold for 15 mins to get advice , told me it should be put in the "other income" box. Is this correct?
thank you for your reply's, i just have a quick follow up question.
I do receive tax credits, only about £10 a month. I rang the tax credits office to ask them how cashing in pension pot should be dealt with. The advisor, after putting me on hold for 15 mins to get advice , told me it should be put in the "other income" box. Is this correct?
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- Gordon
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9 years 10 months ago #136414 by Gordon
I'm afraid we do not deal with Tax Credits on the forum so can't answer this.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic cashing in pension pot
timnok600 wrote: Hi Mrs Huntyback and Gordon,
thank you for your reply's, i just have a quick follow up question.
I do receive tax credits, only about £10 a month. I rang the tax credits office to ask them how cashing in pension pot should be dealt with. The advisor, after putting me on hold for 15 mins to get advice , told me it should be put in the "other income" box. Is this correct?
I'm afraid we do not deal with Tax Credits on the forum so can't answer this.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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