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Private pension due May 2016 need advice.

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8 years 3 months ago #148300 by Gordon
Replied by Gordon on topic Private pension due May 2016 need advice.
Neal

To re-emphasise our previous advice, get face to face advice, a trained advisor will be able to tell you how your benefit will be effected if you take the pension, something that we cannot do on the forum.

Gordon

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

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8 years 3 months ago #148353 by Neal55
Replied by Neal55 on topic Private pension due May 2016 need advice.
Yes I will Gordon and have already done so via Age Concern a few months ago. I need to obtain up to date pension forecasts soon, before I am 55 in May. Then I will seek a face to face "expert". I am here to find out what additional info I can from all sources including people in the same boat. Hope that's ok.

Thanks for the link Elisa, Ive looked but not eligible.


If I pay off my mortgage arrears with part of my pension lump sum will the DWP allow that without penalizing my benefits? For eg if I receive £9000 lump sum, keep £6000 savings and pay £3000 off my arrears.

(Mods:Should that be a new post?)

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8 years 3 months ago #148362 by Gordon
Replied by Gordon on topic Private pension due May 2016 need advice.

Neal55 wrote: Yes I will Gordon and have already done so via Age Concern a few months ago. I need to obtain up to date pension forecasts soon, before I am 55 in May. Then I will seek a face to face "expert". I am here to find out what additional info I can from all sources including people in the same boat. Hope that's ok.

Thanks for the link Elisa, Ive looked but not eligible.



If I pay off my mortgage arrears with part of my pension lump sum will the DWP allow that without penalizing my benefits? For eg if I receive £9000 lump sum, keep £6000 savings and pay £3000 off my arrears.

(Mods:Should that be a new post?)


I'm afraid this is not a question that we can provide definitive advice on, it will be dependant on the views of a DWP Decision Maker at the time. It may be classed as deprivation of capital as you are paying off the loan early and your doing so would likely mean that you would continue to qualify for benefit as a result.

This is why you need to get face to face advice now!

Gordon

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

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8 years 3 months ago #148692 by Neal55
Replied by Neal55 on topic Private pension due May 2016 need advice.
Ok Gordon I am doing..defo!

Have you worded that sentence re deprivation of capital correct: that I would likely "continue to qualify"? That could be good news :)

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8 years 3 months ago #148698 by Gordon
Replied by Gordon on topic Private pension due May 2016 need advice.

Neal55 wrote: Ok Gordon I am doing..defo!

Have you worded that sentence re deprivation of capital correct: that I would likely "continue to qualify"? That could be good news :)


Yes!

It would be entirely dependant on your personal circumstances at the time, however, even if you do not, the DM can still take the view that should you re-qualify at a later date that you have only done so as early as that might be, because of your paying off the loan early, although this is less likely.

Gordon

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

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