Pension credit and self employed pension

Albermarle

notabot said:

Albermarle said:

notabot said:

Thank you all for your help. I chose to delay taking my self employed pension until I am 75 in 5 years time. Perhaps I should not have done that, but I am not receiving any income from the self employed pension at the moment. My self employed pension is valued at £37,000. I don't know if that wold be enough to live on.

Presume you mean it is a pot of £37,000? not a pension of £37,000 per year?

That is my total pension pot

So you can see from other posts above, that the DWP should be taking into account that you could have taken income from this pension, even though you actually have not yet. Presumably they do not know about it.
They will calculate what income you would get if you bought an annuity with £37K and reduce your pension credit accordingly.  In reality this would not be a huge amount , maybe around £1000 pa. However if you actually took more from this from the pension, the pension credit would be reduced further. 

Unfortunately for older people relying on benefits/pension credit, having a small personal pension is not really of much advantage for them.