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1 year 9 months ago #278251 by Helpmeplease
pensions and benefits was created by Helpmeplease
good morning, could anyone help me ,i would like to take 25% of my pension to pay my mortgage off and receive an income i know the pension i get will come of my income based esa but the 25% that i take to pay off my mortgage will that be counted as income as well since i am using it to pay a debt off, or changing it to a drawdown mortgage where i only take the amount i need to pay of my mortgage and leave the rest to gain interest for my retirement in the future. not sure how it works. thank you.

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1 year 9 months ago #278274 by Gary
Replied by Gary on topic pensions and benefits
Hi Helpmeplease

If you are only receiving Contribution Based ESA then the payment should be treated as a one-off payment of capital so your ESA(CB) will not be affected and you do not need to tell the DWP.

As you have stated you are receiving Income Related ESA then if the payment will take you above the £6000 limit there may be deductions from your ESA(IR). If as a result of the payment your total savings and assets exceed £16.000 then your ESA(IR) will stop.

I would advise you to seek help from your local Welfare Rights Organisation who will be able to take all your circumstances into consideration; you can find your local Welfare Rights Organisation to help you with advice by clicking on the link below and putting in your post code, it will then come up with a MAP with a list of agencies. advicelocal.uk

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

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