Hello - I was just wanting a bit of advice please.
I receive a very small annuity of £360 per year as cashed in a private pension that I had not paid into for years - I stopped working in 2008 due to MS and have received ESA in the support group for a number of years due to it - my wife is my full time carer.
I was able to cash in the annuity early as due to the ill health as I am now 49 not at retirement age.
I was just wondering though about the way different way incomes are treated as I understand that if it was a small private pension it would be treated differently to an annuity.
I receive a single annual payment of Rob£360 in April in one lump sum and have done for the last five years and informed ESA straight away and they deduct just under £7 per week from my ESA payment because of this.
However, I understand that if it was classed as a private pension then it would fall under the permitted earnings rule of ESA and therefore the first £15 per week would be disregarded - I have no earnings other than this and was wondering if someone could provide a bit of clarity on this please as otherwise it seems a little unfair as the only real difference as far as I see is the name of the payment.
Many thanks in advance anyway