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Can I use pension to keep me in work without affecting benefits?

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HuggyHareHuggyHare Forumite
2 posts
First Post
MoneySaving Newbie

I’m 61. I have a small pension pot of £18,000. I’m working as a self-employed driver, driving with an old van which is no longer fit for purpose. I claim housing benefit, working and child tax credits. I need a new van (2017 or upwards) so I can keep working in London without being charged for ULEZ.

I would ideally like to take a £15,000 lump sum from my pension to pay for a van. My question is would this affect my benefits if I can show that the money is being used to invest in the van to enable me to keep working?

Thanks in advance




Replies

  • LifemattersLifematters Forumite
    6 posts
    Name Dropper First Post
    The assessor will look to see if any deprivation of capital has taken place. This means that you need to show that you have not deliberately deprived yourself of this money in order to retain benefits. You would be best to speak to LA who can guide you but no decision can be made until you present your case after the event.  Just keep all documentation and bank statements to support your claim. 
  • HuggyHareHuggyHare Forumite
    2 posts
    First Post
    MoneySaving Newbie
     You would be best to speak to LA who can guide you but no decision can be made until you present your case after the event.
    Thanks very much for your reply. Silly question time but what does "LA" stand for?

  • poppy12345poppy12345 Forumite
    12K posts
    10,000 Posts Sixth Anniversary Name Dropper
    ✭✭✭✭✭
    HuggyHare said:
     You would be best to speak to LA who can guide you but no decision can be made until you present your case after the event.
      what does "LA" stand for?


    Local Authority...
  • LifemattersLifematters Forumite
    6 posts
    Name Dropper First Post
    HuggyHare said:
     You would be best to speak to LA who can guide you but no decision can be made until you present your case after the event.
    Thanks very much for your reply. Silly question time but what does "LA" stand for?

    Local Authority 
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