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Endowment Policy Payout
- freefee
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8 years 11 months ago #159079 by freefee
Endowment Policy Payout was created by freefee
hi. I have an endowment policy that is paying out at the end of june this year, my benefits are not related to how much money I have in the bank and seemed disinterested when I informed them that I was to start receiving a pension in 2014, even telling me not to bother informing them, but I insisted for the sake of full disclosure, the policy is not needed to pay off a mortgage as that is now paid, so what I would like to know is if I have to inform anyone and if I do who are they, I am currently in the ESA support group and receive DLA, thanks in advance
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8 years 11 months ago #159095 by Gordon
If all of the benefits your are receiving are not means tested then there should be no problem with you receiving the pay out, which I assume will be a one off payment as it will be treated as capital.
I am concerned that the DWP were disinterested in your pension payments, so you did the right thing by informing them, it may be that they have no impact on your payments, there is an £85 per week disregard, but they definitely needed to know about the payments.
Gordon
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Replied by Gordon on topic Endowment Policy Payout
freefee wrote: hi. I have an endowment policy that is paying out at the end of june this year, my benefits are not related to how much money I have in the bank and seemed disinterested when I informed them that I was to start receiving a pension in 2014, even telling me not to bother informing them, but I insisted for the sake of full disclosure, the policy is not needed to pay off a mortgage as that is now paid, so what I would like to know is if I have to inform anyone and if I do who are they, I am currently in the ESA support group and receive DLA, thanks in advance
If all of the benefits your are receiving are not means tested then there should be no problem with you receiving the pay out, which I assume will be a one off payment as it will be treated as capital.
I am concerned that the DWP were disinterested in your pension payments, so you did the right thing by informing them, it may be that they have no impact on your payments, there is an £85 per week disregard, but they definitely needed to know about the payments.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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8 years 11 months ago #159102 by freefee
Replied by freefee on topic Endowment Policy Payout
yes it is a one off payment, so what would you advise, should I contact them or am I not obliged to? do not like contacting them at the best of times, don't know why, just think if I inform them they will maybe reassess me, sounds paranoid I know, but just because your paranoid it doesn't mean they are not out to get you
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8 years 11 months ago #159105 by freefee
Replied by freefee on topic Endowment Policy Payout
p.s I think they were not interested in my pension because it was a fairly small pension, and didn't come close to affecting my benefits
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8 years 11 months ago #159137 by freefee
Replied by freefee on topic Endowment Policy Payout
apologies or bumping this up, but do you know if I am obliged to inform the DWP when the policy pays out, thanks in adance
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8 years 11 months ago #159139 by Gordon
Emphasising that this is not legal advice, there should be no need for you to contact the DWP about the payment.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic Endowment Policy Payout
freefee wrote: apologies or bumping this up, but do you know if I am obliged to inform the DWP when the policy pays out, thanks in adance
Emphasising that this is not legal advice, there should be no need for you to contact the DWP about the payment.
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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