Published On: Mon, Sep 20th, 2021

Britons face losing vital DWP benefits by withdrawing money from pension pots | Personal Finance | Finance

Notably, people under the state pension age are affected in two major ways when withdrawing money from their retirement funds.

Firstly, if pensioners end up with more savings, this results in a noticeable capital increase which is recognised during a DWP assessment.

Anyone with savings above £16,000 is automatically disqualified from receiving certain benefits, such as Universal Credit.

People with savings of £6,000 could face having any support from the local council with tax bills being automatically cancelled.

READ MORE: Woman, 60, faces losing home due to Universal Credit cut

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