Pension lump sum

BlindedByScience5

Are there lawful ways to put your pension lump sum where it cannot be deemed as income?  

Rodders53

Yes.
Give it to me.

Actually anywhere that doesn't pay interest will do. 
So in notes under the bed would also work.

The lump sum is Capital.   Interest paid on the Capital sum invested, is Income.

NoMore

what pension lump sum ? The tax free lump sum is already not classed as income. 

BlindedByScience5

I was told social housing rent can be hugely raised on the basis of 'income' from a certain figure/amount, no matter where that comes from, e.g. pension lump sum.  I find that very unfair given I have worked hard for 35 years for that, and consider it savings not income, as once it is gone it will not be replaced in the same way income is/can be.    

Cobbler_tone

Doesn't social housing get paid/subsidised for those who can't afford to pay, e.g. on a low wage? If someone then has a significant lump sum injection (wherever the source) then they might be able to afford to contribute more. 
Probably links to a previous thread about the balance of paying into a pension vs living off the state.

Otherwise (cynically) people could claim all of the benefits whilst travelling the world with savings/cash injections etc. It's the definition of 'means testing'.

SVaz

Housing benefit, not rent, is affected, is that what you mean? 

Any means tested benefit will assume an income from savings or pension. 

squirrelpie

BlindedByScience5 said:

I was told social housing rent can be hugely raised on the basis of 'income' from a certain figure/amount, no matter where that comes from, e.g. pension lump sum.  I find that very unfair given I have worked hard for 35 years for that, and consider it savings not income, as once it is gone it will not be replaced in the same way income is/can be.    

First thing to do is check with your landlord what the rules are for your situation, as opposed to generally 'being told what can happen'. Secondly lump sums are very often optional or variable, so you could explore not taking it.

p00hsticks

squirrelpie said:

BlindedByScience5 said:

I was told social housing rent can be hugely raised on the basis of 'income' from a certain figure/amount, no matter where that comes from, e.g. pension lump sum.  I find that very unfair given I have worked hard for 35 years for that, and consider it savings not income, as once it is gone it will not be replaced in the same way income is/can be.    

First thing to do is check with your landlord what the rules are for your situation, as opposed to generally 'being told what can happen'. Secondly lump sums are very often optional or variable, so you could explore not taking it.

I can't comment on any local authority / housing association stance, but as far as I'm aware DWP take the approach that once some one reaches state pension age then, for the purpose of assessments for mean tested benefits, they are assumed to be claiming their state pension (even if they have chosen to defer it) and there is some form of allowance made for notional income from any pension pot - although it's complicated as the rules were generally put in place before the pension freedoms to take what you want when you want came along.