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NIC ESA and new Freedom Pension lump sum

  • medion4@live.co.uk
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7 years 2 months ago #179275 by medion4@live.co.uk
NIC ESA and new Freedom Pension lump sum was created by medion4@live.co.uk
Hi,
Due to my illness I have decided to claim my pension at 55, I receive National Insurance contributory ESA at the moment.
I am thinking about converting my DB pension to a Freedom pension, by doing this I only receive the 25% tax free lump sum and then reinvest the rest back into a another pension and not receive a monthly amount. As I will not be getting the monthly pension, do I need to advise DWP of the lump sum?
Thanks

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7 years 2 months ago #179321 by Gordon
Replied by Gordon on topic NIC ESA and new Freedom Pension lump sum

Catherine wrote: Hi,
Due to my illness I have decided to claim my pension at 55, I receive National Insurance contributory ESA at the moment.
I am thinking about converting my DB pension to a Freedom pension, by doing this I only receive the 25% tax free lump sum and then reinvest the rest back into a another pension and not receive a monthly amount. As I will not be getting the monthly pension, do I need to advise DWP of the lump sum?
Thanks


I'm sorry but we cannot give financial advice on the forum.

Get face to face advice from a trained advisor before making any decision.

Gordon

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

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