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Inheritance - Pension pot query

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JaffaPanda
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4 days 23 hours ago #309671 by JaffaPanda

Inheritance - Pension pot query was created by JaffaPanda

Hello,

I desperately need advice because it is causing me so much worry. I

I have 2 elderly relatives, one is very unwell. I know I am to be bequeathed money from this relative and I know it will be in the region of £16,000 and yes how very fortunate I am except this will mean my UC will be terminated (recent migration from ESA due to severe illness which to my dismay has prevented me from working for 17 years) my question is this:

When this inheritance is ready to be released: Can I put the money straight into a pension pot which is locked until I reach official retirement age in 2038 and there for not be penalised or will this still count as savings thus meaning I would lose my UC?

Best wishes
RM

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David
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4 days 20 hours ago #309672 by David

Replied by David on topic Inheritance - Pension pot query

Hi JaffaPanda

When the executor of the deceased's estate credits you a sum over £16000 then all your means tested Benefits will end. If after this you dispose of most of that sum into a pension and it appears to a DWP Decision Maker that the motivating intention was to access means tested Benefits then notional capital will be considered.
There are other factors involved so you should take professional financial advice.

David

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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