pension pot - savings?

jamesd

purplezogg wrote: »

Just found this to explain a bit

Perhaps you found that from the post I linked to earlier that summarises it and points to it?

purplezogg wrote: »

So from what I can gather then. With the new pension rules, anybody who has a pension pot and is able to access it, ie. 55 or or older, will be unable to claim any benefits at all if the pot is more than the savings allowance, and they opt for drawdown? Regardless of working or not. However if they buy an annuity and the income falls within limits benefits could if needed be claimed?

Not so. If they have not yet reached the age at which they can claim Pension Credit there is no need to take any money from the pension and they can take lump sums up to the savings limit without it affecting their benefits. So they can preserve almost all of their pension until their Pension Credit age unless they choose to take regular income, either using drawdown or annuity, in which case that does reduce their benefits.

The problem you have is that your spouse has reached his Pension Credit age, so I think that his pension pot will be taken into account and it has to be declared.