I am in receipt of what was ESA(CB) in the support group, I understand is now New Style Esa although i have had no contact from DWP to agree to any commitment. I have not been reassessed for a long time, around 8 years.
I am 57 and have a private pension.
I want to withdraw a one off large lump sum and start a weekly income from it of £85/ week. The lump sum will be taken in the next couple of months but i won’t start taking the weekly income for at least a year.
My understanding is that the single lump sum will not affect my ESA.
I have a financial advisor who thinks i could take one lump sum now and another in the future, say in 3 or 4 years, without it affecting my ESA.
I cannot find any guidance on this as it applies to ESA (CB)/new style ESA.
Are multiple lump sums possible? I am nervous about this.
What happens in practice?
Are there any rules on this? Anyone taken more than one lump sum? Does it ever matter how much the sum is or you spend it on or if you don’t spend it and put it in savings? Where in the actual legislation is this rule?
Many thanks