Pension payments and benefits

ebble_2

If I put a large lump sum into a private pension fund will it count as savings if I want to claim benefits?

I have about £70,000 in savings and have been supporting myself on very sporadic part time work over the last 7 years since I gave up work and haven't paid anything into a pension during this time.

Thanks for any replies.

Mojisola

If you'd been putting money away regularly, the money in a pension wouldn't be counted but if you suddenly put loads away and then claimed benefits, it might be considered deprivation of capital.

luminated

http://www.dwp.gov.uk/docs/hbgm-bw1-assessment-of-capital.pdf

This is a link to a Pdf of the Decision Makers Guide to assessment of capital. The answer you seek could well be in there. It is initially daunting at 95 pages but you can soon skip through to the right sectipon.

zagfles

You can't put more than 100% of your annual earnings into a pension anyway (or 3600 gross if greater)

giraffejoe

I would immediately investigate it for deprivation of capital.