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Pension Credit and cashing in pension
Berthe
Posts: 6 Forumite
How does cashing in a pension under 'triviality' rules, effect Pension credit?
TIA
TIA
0
Comments
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It falls under the category of 'if your circumstances change, please call us'.
The extra income you'll receive from Triviality is something that needs to be considered for Pension Credit.
To find out how much specifically, Telephone: 0800 99 1234. They will need to know how much income you'll receive from the pension.0 -
Apparently in 2006 a friends husband cashed in a small pension under these rules and how much he got is unknown as he died. There were no other savings to take into account.0
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Its a good question and not one I can answer without looking it up but the trivial payment increases the income in that tax year. So, generically, it could impact but it may be something that is disregarded by the benefits office.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Apparently in 2006 a friends husband cashed in a small pension under these rules and how much he got is unknown as he died. There were no other savings to take into account.
your friend would know, as she would have had access to his bank accounts after his death and could see how much it was?0 -
The bank statements she has don't go back that far....0
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copies should be obtainable from the bank for a small fee. Why has an issue arisen now, some 7 years later? Was there a will, and if so who were the executors?The questions that get the best answers are the questions that give most detail....0
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If he had an Assessed Income Period for the pension credit, then it would make no difference at all until the end of the AIP. If he didn't have an AIP then he should have notified the Pension Service, but as long as the couple's total capital was under £10k it would not have made a difference to the calculation of pension credit entitlement.0
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copies should be obtainable from the bank for a small fee. Why has an issue arisen now, some 7 years later? Was there a will, and if so who were the executors?
Because for some reason there was a fraud investigation and the DHSS couldn't get the info from the company concerned...this info has now been found by using an IFA who did it as a favour. However all the info is just that it was cashed in and when, no amount.....0 -
Have her contact her bank0
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