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+ Virgin Media Broadband Deals + NOW Broadband Deals + All Broadband Providers + Mobile phone deals + SIM Only Deals + iPhone Deals + Best UK Mobile Networks (BUTTON) (BUTTON) (BUTTON) (BUTTON) * UK Edition * US Edition * Asia Edition * Edición en Español {{#items}} * {{#edition}}{{/edition}}{{title}}{{#children}} {{/children}} {{#children}} {{{children}}} {{/children}} {{/items}} Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in Money Getting pension freedoms wrong ‘could cost you your benefits’ Many people may not realise accessing their pension cash could affect their entitlement to certain benefits and financial help, researchers said. Vicky Shaw Saturday 18 September 2021 00:01 (BUTTON) (BUTTON) Article bookmarked Find your bookmarks in your Independent Premium section, under my profile [ ] Don't show me this message again ✕ Experts have warned that pension savers could unwittingly cut off their entitlement to certain benefits and other financial help by releasing cash from their retirement pots (Rui Vieira/PA) Experts have warned that pension savers could unwittingly cut off their entitlement to certain benefits and other financial help by releasing cash from their retirement pots (Rui Vieira/PA) (PA Archive) Pension savers could unwittingly cut off their entitlement to certain benefits and other financial help by releasing cash from their retirement pots, experts have warned. More people could feel under pressure to unlock their pension in the coming months – and, under the pension freedoms, those aged 55 and over have flexibility as to how they take their cash. But if someone decides to take a lump sum or draw a regular income from their pension, this could potentially affect their entitlement to means-tested benefits such as Universal Credit Pension Credit or, in some cases, local authority help with council tax bills, researchers said. With an imminent cut in Universal Credit payments and the end of the furlough scheme, more people may turn to their pension for additional financial support, consultants LCP (Lane Clark & Peacock) and technology firm EngageSmarter said. They said that when people under state pension age take money out of a pension pot, this can affect their benefit entitlement in two main ways. Recommended * ‘Worrying security flaws’ may expose online banking customers to fraud – Which? * Record £801m withdrawn at Post Office counters over Christmas period * Fixed and variable mortgage rates are on the rise, analysis finds It is unreasonable to expect individual savers to understand all of this complexity, so the industry and regulators need to work together to help people make the right choices Sir Steve Webb, LCP If they end up with more savings, this could have an impact when they are assessed for benefits. Those with more than £16,000 in capital are disqualified from Universal Credit, they said. And if they use their pension to buy a regular income through a retirement annuity, this income could be deducted from their benefit income. Those behind the research said a new website tool – https://www.pensions-and-benefits.uk/ – has been launched to allow savers to check how they could be affected. Researchers said that looking at those of working age alone, there are well over 1.5 million people aged 55 to 65 on means-tested benefits such as Universal Credit or Employment Support Allowance across Britain. There is a real risk that members could unwittingly think they are improving their financial position by drawing on their pension but end up making themselves worse off, they said. Sir Steve Webb a former pensions minister who is now a partner at LCP, said: “With millions of people starting to build up modest pension pots through automatic enrolment, this issue is only going to get bigger. Recommended * Family members urged to help protect online daters from romance scams * Average house seller in 2021 ‘gained £95,000 more than they paid for property’ * Too many people live in expensive, unsuitable, poor quality homes – report “It is unreasonable to expect individual savers to understand all of this complexity, so the industry and regulators need to work together to help people make the right choices.” Peter Robertson, from EngageSmarter, said: “We hope that our calculator will begin to rectify the situation, though ultimately this is a problem which the industry as whole needs to resolve in a systematic way.” Register for free to continue reading Registration is a free and easy way to support our truly independent journalism By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists (BUTTON) register ____________________Email Please enter a valid email Please enter a valid email ____________________Password Must be at least 6 characters, include an upper and lower case character and a number Must be at least 6 characters, include an upper and lower case character and a number Must be at least 6 characters, include an upper and lower case character and a number ____________________First name Please enter your first name Special characters aren’t allowed Please enter a name between 1 and 40 characters ____________________Last name Please enter your last name Special characters aren’t allowed Please enter a name between 1 and 40 characters [Select your year of birth] You must be over 18 years old to register You must be over 18 years old to register Year of birth [ ] I would like to be emailed about offers, events and updates from The Independent. 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More about PA ReadySteve WebbUniversal CreditPeacock 1/1Getting pension freedoms wrong ‘could cost you your benefits’ (BUTTON) Getting pension freedoms wrong ‘could cost you your benefits’ Experts have warned that pension savers could unwittingly cut off their entitlement to certain benefits and other financial help by releasing cash from their retirement pots (Rui Vieira/PA) PA Archive (BUTTON) (BUTTON) ✕ Subscribe to Independent Premium to bookmark this article Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. (BUTTON) Subscribe Already subscribed? 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