Cashing in a Pension Pot at 55 to buy a house while on benefits

[honeybee13]

Hello there.

 

You could use a benefits checker like the turntous/entitled to online one and input your future financial position to see what benefits you might be entitled to.

 

HB

[honeybee13]

This information from AgeUK might be useful.

 

http://www.ageuk.org.uk/money-matters/claiming-benefits/pension-credit/what-is-pension-credit/

 

HB

[honeybee13]

Hello there.

 

I've merged several threads that you've posted to keep the information together.

 

If Pension Wise can't help, have you spoken the the Pension Advisory Service, TPAS? I'm not up to speed on the current rules for GMP funds, but in the past you could only use them to buy an annuity. That could have changed with new rules, I don't know.

 

There isn't a simple answer to this, including the possible deduction of tax from drawdown plans.

 

There are also IFAs, independent financial advisers, who you can talk to. The one I know of is Hargreaves Lansdown who have a good helpline, I'm sure there are others. You need to get as much information as possible about your choices so that you don't end up with an unexpected tax bill for instance. There's no simple answer to this and nobody on CAG is authorised to advice on pension transfers as far as I'm aware. You need to do your homework, I'm afraid.

 

HB