why I'm going to spend, spend, spend.

[Deleted User]

lifesuckssometimes wrote: »

:rotfl:FOOL now now lets grow up.

Dam i was hoping for a second childhood now i`m 50 :j
another illusion shattered and in only 6 words:rotfl:

Loopy_Girl

This is quite interesting as my Dad was in a similar position recently.

He paid into his Occ Pension for years and recently was entitled to Pension Credit. What he found out was that if he didn't have a personal pension then the PC would have been increased - basically he more or less lost £ for £ in PC because of his pension.

As he says, it was a real struggle some months to have the money deducted from his pension particulary in the 90's when mortgage interest rates were 15% and previous to that when I was little etc etc.

He doesn't regret having a pension per se, it was just a little disconcerting that he had saved for his retirement, struggled in the past and he would have been no worse off had he kept his pension payments at some very difficult times.

seven-day-weekend

As I've said before, basing your retirement income to depend upon State benefits is a very dangerous thing imho.

Any Government could decide to withdraw them or change the qualifications criteria.

At least with your own pension, no-one can take it away,and you don't have to fill in any forms or jump through any hoops to get it.

shazrobo

Loopy_Girl wrote: »

This is quite interesting as my Dad was in a similar position recently.

He paid into his Occ Pension for years and recently was entitled to Pension Credit. What he found out was that if he didn't have a personal pension then the PC would have been increased - basically he more or less lost £ for £ in PC because of his pension.

As he says, it was a real struggle some months to have the money deducted from his pension particulary in the 90's when mortgage interest rates were 15% and previous to that when I was little etc etc.

He doesn't regret having a pension per se, it was just a little disconcerting that he had saved for his retirement, struggled in the past and he would have been no worse off had he kept his pension payments at some very difficult times.

my dad was the same, paid towards his occ pension while others went on hols and had cars, now they all retired he is no better off, and hasnt had the joys of the holidays etc

real1314

dodger1 wrote: »

By income I meant earnings from employment

By income I meant: State Retirement pension, Private pensions, Works Pension, and pretty much any other income - all will count as "income" for HB, CTB and Pension Credit purposes. As someone else pointed out, there is no savings limit for Pension Credit, and if you receive any Guarantee Credit element, you would get full HB regardless of how much you have in savings.

I think you may be planning a course of action with one eye shut.

lifesuckssometimes

woodbine wrote: »

Dam i was hoping for a second childhood now i`m 50 :j
another illusion shattered and in only 6 words:rotfl:

Never mind im also in denial about my age. my 8yr calls me old and im only 35 well i better start saving for my funeral as the way the country is going they will. 1. Be bankrupt 2. Get a loan and try and find a way out of not paying it or 3. stick me in the worst old peoples home and never visit me. s@it i am getting old:eek:

Oldernotwiser

shazrobo wrote: »

my dad was the same, paid towards his occ pension while others went on hols and had cars, now they all retired he is no better off, and hasnt had the joys of the holidays etc

He must have a very small occupation pension if he's no better off than someone on Pension Credit!

seven-day-weekend

Yes agreed ONW, I actually DO have a very small Occupational Pension waiting for me - but that's because I didn't pay into it for very long. Nevertheless I will have slightly more (with my State Pension) as a single pensioner would with Pension Credit.

However, my husband also has his Teachers' pension and will get his State Pension in due course - so as a couple we will be far better off than someone on Pension Credit.

And bearing in mind that I personally would not be eligible for Pension Credit anyway as I am married and our joint income would be over the limit.

So I think that even with my miniscule LG Pension it was still worth paying it.

Pssst

Dodger-your plan makes perfect sense. I would advise that you keep most of your cash in untraceable storage eg in a GOOD safe at home,concealed somewhere.

dodger1

real1314 wrote: »

By income I meant: State Retirement pension, Private pensions, Works Pension, and pretty much any other income - all will count as "income" for HB, CTB and Pension Credit purposes. As someone else pointed out, there is no savings limit for Pension Credit, and if you receive any Guarantee Credit element, you would get full HB regardless of how much you have in savings.

I think you may be planning a course of action with one eye shut.

Ok, based on the above I would only be getting state retirement pension. Also based on my savings of nearly £16,000 I would be entitled to a small pension credit but not the full amount so therefore I would get the full HB?