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Inheritance - Pension pot query
- JaffaPanda
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3 weeks 4 days ago #309671 by JaffaPanda
Inheritance - Pension pot query was created by JaffaPanda
Hello,
I desperately need advice because it is causing me so much worry. I
I have 2 elderly relatives, one is very unwell. I know I am to be bequeathed money from this relative and I know it will be in the region of £16,000 and yes how very fortunate I am except this will mean my UC will be terminated (recent migration from ESA due to severe illness which to my dismay has prevented me from working for 17 years) my question is this:
When this inheritance is ready to be released: Can I put the money straight into a pension pot which is locked until I reach official retirement age in 2038 and there for not be penalised or will this still count as savings thus meaning I would lose my UC?
Best wishes
RM
I desperately need advice because it is causing me so much worry. I
I have 2 elderly relatives, one is very unwell. I know I am to be bequeathed money from this relative and I know it will be in the region of £16,000 and yes how very fortunate I am except this will mean my UC will be terminated (recent migration from ESA due to severe illness which to my dismay has prevented me from working for 17 years) my question is this:
When this inheritance is ready to be released: Can I put the money straight into a pension pot which is locked until I reach official retirement age in 2038 and there for not be penalised or will this still count as savings thus meaning I would lose my UC?
Best wishes
RM
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- David
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3 weeks 4 days ago #309672 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Inheritance - Pension pot query
Hi JaffaPanda
When the executor of the deceased's estate credits you a sum over £16000 then all your means tested Benefits will end. If after this you dispose of most of that sum into a pension and it appears to a DWP Decision Maker that the motivating intention was to access means tested Benefits then notional capital will be considered.
There are other factors involved so you should take professional financial advice.
David
When the executor of the deceased's estate credits you a sum over £16000 then all your means tested Benefits will end. If after this you dispose of most of that sum into a pension and it appears to a DWP Decision Maker that the motivating intention was to access means tested Benefits then notional capital will be considered.
There are other factors involved so you should take professional financial advice.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
The following user(s) said Thank You: JaffaPanda
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- JaffaPanda
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1 week 4 days ago #310084 by JaffaPanda
Replied by JaffaPanda on topic Inheritance - Pension pot query
Thank you for advice David.
It seems as though my relative's kindness is going to actually leave me worse off and I'm going to be put in a very difficult situation it seems. Terrifying.
It seems as though my relative's kindness is going to actually leave me worse off and I'm going to be put in a very difficult situation it seems. Terrifying.
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- latetrain
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1 week 4 days ago #310104 by latetrain
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by latetrain on topic Inheritance - Pension pot query
Hi JaffaPanda
You need to seek advice from your local Welfare Rights Specialist; 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 in your area advicelocal.uk , they should be able to give you accurate advice in regard to your potential inheritance.
Gary
You need to seek advice from your local Welfare Rights Specialist; 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 in your area advicelocal.uk , they should be able to give you accurate advice in regard to your potential inheritance.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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