universal credit

Jordan1947

Could you confirm that if you are under state pension age and you have private pensions the value of the pot if it remains untouched is ignored as a capital asset when claiming universal credit,i have asked via my journal on my universal credit page and have not had a reply since 7th Feb

calcotti

That’s almost correct. Pension pots are ignored as capital - this applies above pension age too, not just below state pension age.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864939/admh2.pdf

“H2046 The value of any right to receive a pension under

1. an occupational or personal pension scheme1 or

2. any other registered pension scheme2

is disregarded indefinitely3.

1 Pension Schemes Act 1993, s 1;
2 Finance Act 2004, s 153;
3 UC Regs, Sch 10, para 10”

Once pension age is reached, if still on a UC claim as part of a mixed age couple, they would still be ignored as capital but there would be notional pension income from them even if they had not been touched.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/831930/admh5.pdf
“H5154 A person who has reached the qualifying age for SPC has to be treated as possessing any retirement pension income1 which they

1. have not applied for and

2. would be expected to be entitled to
1 UC Regs, reg 74(3)“