I live with my husband who has advanced multiple schlerosis (MS) and Krohns disease. He claims Disability Benefit and we also get help with Council Tax. I work cleaning jobs but we struggle to make ends meet. We own our own home with no mortgage.
My father recently died and I will inheret 1/3 share, which will amount to approx 50,000. This will take us over the 16,000 capital allowance and hence benefits will stop. I am sad that I will not be able to save that money for my future.
Could I place majority of this inheritençe into a private pension without it being viewed as deliberate deprivation of capital? I have no existing private pension. Furthermore, I have not been able to pay pension stamp for the last 20 years so I will not be entitled to much state pension and I am already worried about my pension years (I am 56 years old) especially since my husband (due to his illness) will probably not reach pension age.
Thank you in advance for any advice
My father recently died and I will inheret 1/3 share, which will amount to approx 50,000. This will take us over the 16,000 capital allowance and hence benefits will stop. I am sad that I will not be able to save that money for my future.
Could I place majority of this inheritençe into a private pension without it being viewed as deliberate deprivation of capital? I have no existing private pension. Furthermore, I have not been able to pay pension stamp for the last 20 years so I will not be entitled to much state pension and I am already worried about my pension years (I am 56 years old) especially since my husband (due to his illness) will probably not reach pension age.
Thank you in advance for any advice