I am wondering if I can take my pensions out now. I am on non income based benefits only and so that’s DLA and contributions based ESA.
Being non income based I think I can draw out my pensions without affecting the benefits, am I correct?
The reason I want to do it is because I have three small pensions and all in my name. My husband is the beneficiary if I die or go gaga. Because I have epilepsy as well as MS I am getting more and more useless at dealing with things so I want to get these pensions into joint savings accounts where hubby can access them easily if anything happens to me.
I don’t need nor want to spend the money but I want to get them in my husbands control in case he needs them in the future.
My plan is not to pay tax on them so I will draw out 25% as a tax free lump sum and the rest over the next few years as lump sums keeping the withdrawals below my tax code.
Is that doable?