Early Retirement and Pension Credit

always_skint

Hi all.
If I was to cease work voluntarily at 64 would I still be able to claim Pension Guarantee Credit from the day I stopped working or would I be penalised for finishing a year early ?

I get WTC at the moment, if I were to get PGC would the transition be immediate or would I be a number of weeks without any money ?

Reason I ask is I am so fed up with my job, in as much that if I don't quit shortly I will more than likely finish up being dismissed for gross misconduct.

Whiteknight

Depends on what your circumstances were, if further information was needed to complete the claim it could take a few weeks (if they needed details of your savings or any private or works pensions) - It would of course be backdated to the time you ended work.

You would not be penalised for finishing work.

Lillyme

Ime not sure but I would think you wouldn't get it till 65 - the official retirement age

I would contact them to check -

sammyjammy

Lillyme wrote: »

Ime not sure but I would think you wouldn't get it till 65 - the official retirement age

I would contact them to check -

I believe Pension credit is currrently payable from aged 60 onwards.

Lillyme

Well because of the age increase I can't retire now until 2018 @ 65, nor can I claim pension credits or pension until 6 Jan 2018 which is my official retirement date now

Have paid well over 30yrs NI payments already but currently jobseeking

anmarj

Lillyme wrote: »

Well because of the age increase I can't retire now until 2018 @ 65, nor can I claim pension credits or pension until 6 Jan 2018 which is my official retirement date now

Have paid well over 30yrs NI payments already but currently jobseeking

that is because you fall under the new rules, the age for claiming is rising in line with womens age but means you qualify for the working age benefits, so that everyone that claims will be over 65 with the retirement age for all rising to 68, again which from what i understand so will Pension Credit

the OP becasuse of their age will not have to wait but could claim now:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/PensionCredit/DG_10018692

this explains it.

Lillyme

anmarj

I blame my parents...

catenorfolk

Lillyme wrote: »

anmarj

I blame my parents...

Haha, very good:beer: