Applying for uc and pension pot

caro69

Am I reading it correctly.  They want to know exactly how much money is in my pension pot.  I don't draw anything from it but can I just use the amount from the last statement.  Obviously I imagine it's gone down a lot but it shouldn't affect how much I get should it?

NedS

No, I doubt you are reading correctly, but as you've been unclear about exactly what you are reading, it's difficult to guess.

But I suspect the question to which you refer is asking what your current pension income is.

caro69

No.  It's under savings and investments.  And the page is as follows:  

Capital that may not affect your entitlement

Some types of savings, investments and capital do not normally affect your entitlement to Universal Credit, but we still need to know about them.

If you have them, tell us the total value of your:

• business assets
• rental or holiday let property
• money set aside for tax payments if you are self-employed
• money held in a personal or occupational or work pension

 See full list

What is the exact amount?

Enter £0.00 if you have none of the things in this list.

£  . pence
So do I have to wait to get up to date pension pot values before I can make a claim, or should I use the details from the last private pension statement I have received.  I also pay into Nest but have no idea how much is in there.

NedS

OK, I see, my apologies. If it's asking for it then you will need to declare it. Don't delay making your claim as it will not be backdated, so just use the most up to date information you have.

caro69

No worries.  Just thought I was going mad.  What a crazy question.  Everyone's pots have fallen and to be honest I don't even want to look     I will do that and I have been told I can make a note in my journal to explain?  This is all new to me.  Sorry.

NedS

Normally pension pots are simply disregarded. The only reason I can think they would ask for this information is if you are nearing (or over) pension age and have chosen not to take your pension in order to increase or maintain the amount of UC you would be eligible to receive. At that point they could treat any potential pension income you are entitled to as notional income and deduct it from any UC entitlement.

caro69

Other half is 62 and I am 56. He was hoping to find work this year.  I am furloughed on 80 per cent.  Total income £735 for both of us.  Small pension pots.  No surprise if we not entitled to anything.  Never claimed anything yet. 

poppy12345

caro69 said:

Other half is 62 and I am 56. He was hoping to find work this year.  I am furloughed on 80 per cent.  Total income £735 for both of us.  Small pension pots.  No surprise if we not entitled to anything.  Never claimed anything yet. 

If you're receiving some pension now then this will be classed as Income for UC. I'd advise you to use a benefits calculator to check entitlement before claiming. https://www.entitledto.co.uk/

caro69

Not drawing any pension yet!  Small pots to which we are still saving!  His £20k max mine probably £8k. 

caro69

Neither of us in a position to retire and take pension! 

poppy12345

caro69 said:

Not drawing any pension yet!  Small pots to which we are still saving!  His £20k max mine probably £8k. 

Do you have access to this now? The reason i'm asking is because you'll be surprised the amount of people that just save in a bank account for their retirement.