Occupational Pension (Defined Contribution) ...

Hello all

We have a client who has accessed Pension Wise and they are considering accessinf a pension but have not done so already.

They have applied to claim U.C but this has been refused because the pension value is above £16.000.00.

Should the pension be ignored because they have not crystalised it and they are below pension credit age, page 360 of the CPAG book appears to indicate this should be the case ?

Cheers for any replies :)

Pete

If they’re below Pension Credit age then the value of the pension pot is ignored unless they make use of it.  Is it definitely held as a pension and not as an ISA or some other savings vehicle?

Yes, unclaimed pension pot should be ignored, para.10 of sch.10 UC Regs 2013 refers (Capital to be disregarded):

10.—(1) The value of any right to receive a pension under an occupational or personal pension scheme or any other pension scheme registered under section 153 of the Finance Act 2004(a).
(2) “Occupational pension scheme” and “personal pension scheme” have the meaning in section 1 of the Pension Schemes Act 1993(b)