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Will private pension affect my UC or LCWRA?
- graham526
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1 week 2 days ago #311566 by graham526
Will private pension affect my UC or LCWRA? was created by graham526
Hello
I receive Universal Credit (UC) and Limited Capability for Work Related Activity (LCWRA).
However I also have a private pension : Multi Asset Fund.
I set this up many years ago with Legal and General.
But haven't paid any more money into it for over 10 years.
Despite this the pension pot is £13K.
Otherwise I will have no other capital ( I have a Post Office emergency fund for a couple of grand).
I find I can save a some money due to a frugal home-based lifestyle.
So can I pay my savings into my private pension without losing the means-tested benefits of UC and LCWRA?
I do not expect to receive an income from the pension pot until I am 65 years old (that's what the pension statement says).
I receive Universal Credit (UC) and Limited Capability for Work Related Activity (LCWRA).
However I also have a private pension : Multi Asset Fund.
I set this up many years ago with Legal and General.
But haven't paid any more money into it for over 10 years.
Despite this the pension pot is £13K.
Otherwise I will have no other capital ( I have a Post Office emergency fund for a couple of grand).
I find I can save a some money due to a frugal home-based lifestyle.
So can I pay my savings into my private pension without losing the means-tested benefits of UC and LCWRA?
I do not expect to receive an income from the pension pot until I am 65 years old (that's what the pension statement says).
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- David
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6 days 13 hours ago #311629 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Will private pension affect my UC or LCWRA?
Hi Benefits and Work
Firstly would you please change your user name from Benefits and Work as it will confuse other members regarding who you are.
Your £13k in the pension will not be counted as savings while you are under state pension age and you can continue making contributions to the pension from your Benefits assuming you are not employed without concern.
David
Firstly would you please change your user name from Benefits and Work as it will confuse other members regarding who you are.
Your £13k in the pension will not be counted as savings while you are under state pension age and you can continue making contributions to the pension from your Benefits assuming you are not employed without concern.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
The following user(s) said Thank You: graham526
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- graham526
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2 days 7 hours ago #311762 by graham526
Replied by graham526 on topic Will private pension affect my UC or LCWRA?
Thank you. I have corrected my username.
I had difficulty confirming your advice on the net for some reason.
So your response is greatly appreciated.
Wouldn't the DWP think: 'How does this guy have so much disposable income to pay pension contributions? Maybe we should reduce his UC?'
This is my concern.
I had difficulty confirming your advice on the net for some reason.
So your response is greatly appreciated.
Wouldn't the DWP think: 'How does this guy have so much disposable income to pay pension contributions? Maybe we should reduce his UC?'
This is my concern.
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- latetrain
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2 days 1 hour ago #311772 by latetrain
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by latetrain on topic Will private pension affect my UC or LCWRA?
Hi graham526
UC is not based on disposable income, if you have savings over £6k then you will be affected by tariff income, for every bundle or part bundle of £250 over £6k you will lose £1 pw in tariff income. When your savings go over £16K you lose all means tested benefits.
Gary
UC is not based on disposable income, if you have savings over £6k then you will be affected by tariff income, for every bundle or part bundle of £250 over £6k you will lose £1 pw in tariff income. When your savings go over £16K you lose all means tested benefits.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
The following user(s) said Thank You: graham526
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