Late husbands pension/universal credit

Buster2611

My husband passed 18 months ago and i buried my head in sand so finalising a pension now.
The pension in question is 22k in value
The options are as follows.
Take as a lump sum of 22k
Annuity amounts monthly,being calculated still.

I am 49 with a son of 17 at college.
I have a long term disability and I recieve universal credit.

If I chose either option I will lose u/c Completely or have reduced by the annuity I recieve each month.

A 3rd option of a flexible access drawdown has been suggested but not with the current Provider.

I am having difficulty finding someone who will provide me  flexi access drawdown,either because of my age or that it is an inherited pension.

I am drawing close to paying tax on the pension.

I have contacted many advice groups ans providers ans Financial advisors are reluctant to get invited under 30k

Help urgently required plesse

xylophone

If you took the annuity, you wouldn't be any worse off overall?

If you took the annuity, would you also be offered a tax free pension commencement lump sum?

On so modest a sum and after the PCLS, the annuity would be small?

Would the annuity also be flat (no index linking)?

Would it be so small that you would remain a non tax payer?

Buster2611

If I tax the annuity and its for example £1000 a month I would have my universal credit reduced by that amount.
Same monthly for life.

Not looking to swindle anyone just seems that what should be left doe me by husband is no overall benefit  because of dwp benefits.

I cant return to work so benefits my only option 

MallyGirl

If you can transfer the pension into a modern product you could at least protect it. If you are under pension age any normal DC pension is ignored for benefit calculation purposes as long as you don't access it.
Transferring might well mean you can't access it at your age anyway but at least it would be there for the future.

xylophone

You might  find out if you can transfer it to a simple stakeholder?

https://static.aviva.io/content/dam/document-library/adviser/pensions/sp01001c.pdf

https://static.aviva.io/content/dam/document-library/adviser/pensions/sp01006.pdf



https://www.gov.uk/tax-on-pension-death-benefits


But then you could well lose the right to access before you are aged 57 (and this may rise).

You would need to check.


If you took the whole, once you had used it all up on living costs, would you be permitted to re apply for UC?

Try posting on the benefits board?

kimwp

Can it be transferred to your son by the pension trust?