Pensions v ISAs

Blakemore58

Hi. When I started working for myself just over 20 years ago when I was 40, I approached a financial advisor to help find me a pension. Being a housewife and mother previously I didn’t have an employers pension. They advised starting an ISA which I did. I’ve paid £100 per month ever since and my ISA is worth about £24,000. During first lockdown I was told to claim Universal Credit, as I wasn’t working,  I previously claimed Working Tax Credit and Child Tax Credit. I didn’t declare my ISA as to me it was my pension and I didn’t think it counted. 18 months on they asked me about it and I didn’t deny it. They told me I wasn’t entitled and stopped my benefits. They’ve since asked for the money back which I’m paying out of my PIP. We’re in the process of buying a bungalow to move into for our retirement so need the capital to be able to bridge the gap between what we get for our house and the bungalow we’re buying. My question is did the financial advisor give us the wrong advice, as if I’d had a pension this wouldn’t have been classed as capital and I’d still be able to claim benefits 

Thrugelmir

After 20 years rather late to recollect events and discussions in detail. What was decided then was not neccessarily relevant to what happened later either. You could have sought further guidance as your circumstances changed. 

Dazed_and_C0nfused

When I started working for myself just over 20 years ago when I was 40, I approached a financial advisor to help find me a pension. Being a housewife and mother previously I didn’t have an employers pension. They advised starting an ISA which I did. I’ve paid £100 per month ever since and my ISA is worth about £24,000

To be honest I'd be more concerned about the value.

£100/month = £1,200/year

£1,200 x 20 years = £24,000

Even if you mean a Cash ISA you would have expected more from even low rates of interest.

If it's a S&S ISA (the logical choice compared to a Cash ISA for such a timeframe) then what have you got it invested it??