Private pension questions

Hi all,

I’d like to pick some brains with regard to what happens when it comes time to start benefitting from my private pension, here’s my current situation… 50 y.o. on PIP (std both) and ESA IB (support group). I’d like to know what the current rules and regs are with regard to what happens when I start taking my pension? I’ve not been able to contribute for a couple of years since I stopped working and don’t envisage putting in to it again, but if I leave it until I’m 67 it’ll be roughly 100k in total. Though quite what state I’ll be in by that time is anybody’s guess.
I’m aware of the 16K upper limit for benefits so should I take a lump sum no larger? as don’t want to stop ESA claim only to restart on UC and lose my dis premiums.

What happens once I start to take a monthly amount, does my ESA drop by the same amount I receive or is there an amount I'm allowed to receive first.

Can I take a lump sum at lets say 57 while I can hopefully still go and enjoy it, and wait a few years before I start to draw a monthly amount without effecting my benefits?

Can I take additional lump sums in future years and what effect will that have?

What happens with housing benefit with its lower limit of 6K, does that reduce pound for pound in line with what i get?

What is pension credit and will the monthly amount I get from my pension stop me receiving any?

Is there a body out there who specialises in this kind of thing and can advise fully?

Many thanks in advance.

Kop.

Hi,
Thanks for your input on that subject, if I could ask for your thoughts on a different matter, if i were to try to claim IIDB (my osteoarthritis and disc problems stem from a fractured vertebra 27 years ago sustained in a fall at work), I don't think there is a time limit but am I "pushing my luck" as it were trying to claim so long after the event (the company is long gone now so no record), if I were successful what effect would the additional income have on my ESA IB and housing benefit? my thanks in advance once again, Kop.

If you take a lump sum I think the maximum is 25% you will be over the £16000 so you will stop all your benefits, if you spend it or give it away DWP we treat you as if you still had it, plus if you have an amount over the limit but can still claim benefits you will have it reduced an amount as if you where earning intrest on your savings even if you aren't. It all not fare to,those who,did with out put money aside or saved for later life. But the benefits system is not a bottomless pit and those in need get it regardless of what they pain into the system. Get some financial advice, get a repaid funeral plan or plans for you and yours. That is not counted should you spend money but flash holidays cars ect are.

Hi, thanks for your reply,

Guess the thing to do is take a lump sum less than the upper limit, so will keep an eye out nearer the time as to what the amount is and of course any rules changes in the mean time, thanks again.