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Pension Credit & capital from a Investment Bond.
I have a client whom has a investment bond [which is payable on the client’s death]. Client wants to cash it in early,[which the client is expected to receive £40,000]. Client wants to re-invest this amount in purchasing a property. [client currently resides in a rented property].
How will this affect the client’s current entitlement to Pension Credit…?
Will this count as savings until the client purchases a home..?
If the client re-invests this in a property, will the client be ‘depriving themselves of income’...?
I have a client whom has a investment bond [which is payable on the client’s death]. Client wants to cash it in early,[which the client is expected to receive £40,000]. Client wants to re-invest this amount in purchasing a property. [client currently resides in a rented property].
How will this affect the client’s current entitlement to Pension Credit…?
Will this count as savings until the client purchases a home..?
If the client re-invests this in a property, will the client be ‘depriving themselves of income’...?