early retirement & job seekers allowance

24

Comments

  • Optimist
    Optimist Posts: 4,556 Forumite
    First Anniversary
    MABLE wrote:
    If this new laws comes into being and you have sufficient contributions could this mean then you would not pay any more NI contributions.

    If your working you pay NI irrespective !
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

    Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)
  • clear_blu
    clear_blu Posts: 140 Forumite
    nearlyrich wrote:
    I was going off my OH's experience when he took early retirement with a company pension.
    I can confirm this..........I took early retirement and was informed that I could receive up to £50 per week company pension without affecting JSA.
    Above that amount the JSA allowable is reduced £1 for £1.
    Unfortunately or perhaps fortunately I didn't qualify for any........:mad:
    I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......;)
  • maypole
    maypole Posts: 1,816 Forumite
    First Post First Anniversary Combo Breaker
    Thank you all for your posts. He won't get any JS Allowance. Too much pension. Good thing in one way I suppose.

    Thanks again
  • rotate
    rotate Posts: 159 Forumite
    clear_blu wrote:
    From age 60 he will receive credit for NI contributions without signing on.........bit extra 'lie in' for him..........:D
    How does this work.Do you have to register as unemployed or is it completely automatic. Thanks
  • clear_blu
    clear_blu Posts: 140 Forumite
    rotate wrote:
    How does this work.Do you have to register as unemployed or is it completely automatic. Thanks

    As far as I know it's automatic.........but just in case I phoned the job centre and they confirmed that from 60 to 65 contributions were automatically creditted.
    I have retired from a career in Financial Services........Thank God. Any advice given may be as a result of senile dementia so dont take it too seriously.......;)
  • ReportInvestor
    ReportInvestor Posts: 3,646 Forumite
    This thread sums up the state employee v private employee/taxpayer issue that is going to be headline news in the next decade.

    State employees 3 : 0 others
  • kenshaz
    kenshaz Posts: 3,155 Forumite
    First Anniversary Combo Breaker
    Far better to have your pension ,and no JSA,then you can hold your head up proud,no need to visit the job centre and let some government employee patronize you.
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
  • emptynester_2
    emptynester_2 Posts: 5 Forumite
    HI there

    My hubby retired in October 05 with a final salary pension; he was 51 but had to go as he had served his 30 years. He tried to sign on but could only get his national insurance contributions paid. He was told he did not qualify for job seekers allowance as he would be in receipt of an occupational pension.

    Can only speak for our local Job Centre Plus, but he was treated like an idiot; even though he was only getting his NI paid he still had to sign a job seekers contract and report for signing on each fortnight. One week he was 10 mins late owing to parking problems and was told that if he was late again they would sign him off!

    Luckily he has now found a part time job, he tried full time but the amount of tax he had to pay was astronomical as he is still paying PAYE on his pension which means the Inland Revenue count any other employment as a second income and therefore he is on Basic Rate deductions (ouch!)

    Taxed to the hilt, first on his salary, now on his pension and finally on his now part time earnings - is it fair ?

    So much for being good and contributing to a pension.
  • Grumpy_old_git_3
    Grumpy_old_git_3 Posts: 4 Newbie
    Hello, a couple of years ago I was in the situation of signing on just for my stamp (already have a private pension). The because I did a job for a friend (15 hours) I though best to declare it (best thing I ever did), however the forms I had to fill in were onerous and did not relate to the type of job I had done which was self employed (the forms assume a regular hourly rate). I was told I'd have to go self employed and pay my own stamp, this I duly did, the cost of the stamps worked out to about £4.20 a fortnight (I was signing on once a fortnight) and was cheaper than bussing or driving in to sign on.
    I now work when I want, for whome I want, doing what I want. What I earn provides enough to keep (just) my kids in further education - hopefully when they are self sufficient I will be too with just my pension - here's hoping.
  • maypole
    maypole Posts: 1,816 Forumite
    First Post First Anniversary Combo Breaker
    Thank you, grumpy old git

    We now know that husband will not have to sign on. He has NI contributions over 40years in work.


    Thank you to all who posted.

    maypole
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