currently getting universal credit but think i need to start drawdown on my sipp. How much do i lose

GunJack

...and, if the money is in a pension, IIRC then it doesn't count towards any limit your uc is measured against. Begs the question do you really need to take any out of the pension just yet?

tpeter

@kaMelo thank you once again for your insight. I really appreciate it

tpeter

Grumpy_chap said:

tpeter said:

Hello

i hope this is the right section to post this as it is Benefits / pensions

i am currently unemployed , partner works, have 2 kids over 12 and  getting around £2500 in Universal credit per year

I have a sipp with £80 k in and was thinking of taking funds out of this tax year.

If i was to take say 16k out of my sipp ( 4 k tax free and 12k taxable but will use my personal allowance)

any idea if i will lose all my universal credit or just part of it.

thank you

If you have £80k pension fund and you take £16k from that now (before state pension age), how will you finance your retirement?

thank you for your reply. Sorry i did not want to go off topic on this thread but have a couple of pensions. one at HL with 80 k and when i phoned them last week the process seemed very simple.

But you are right i dont have enough to fund myself as i would like in retirement

Hopefully i will get a job soon but currently really need some funds now and just wanted to know if i would pay back the £2500

tpeter

GunJack said:

...and, if the money is in a pension, IIRC then it doesn't count towards any limit your uc is measured against. Begs the question do you really need to take any out of the pension just yet?

thank you for your reply. Firstly i am short of funds currently but will put as much as i can in a stock n share ISA and use that throughout the year to pay for living (bills etc) and secondly i might as well try and use my personal allowance . As far as i am aware if things stay the same in the pension world by the time i reach 67 all my sipp ( except the first 25%) will be taxable at 20%