Pension/benefits

MOUNTY

If i become unemployed at 55+ would i be entitled to all forms of benefits if i started drawing on my private pension?
Would unemployed/job seekers benefit be reduced/declined based on how much i receive from my pension?

Oldernotwiser

Personal pension payments of over £50 pw will be deducted from contributions based JSA, even though it isn't means tested.

MOUNTY

Oldernotwiser wrote: »

Personal pension payments of over £50 pw will be deducted from contributions based JSA, even though it isn't means tested.

Therefore if JSA is £65 then i would only be entitled to £15? Or if personal payments were £80 then i would receive nothing?

healy

MOUNTY wrote: »

Therefore if JSA is £65 then i would only be entitled to £15? Or if personal payments were £80 then i would receive nothing?

Yes that is correct.

redz

healy wrote: »

Yes that is correct.

No, it isn't. The first £50 is disregarded, Anything over £50 is deducted penny for penny. Therefore an £80 per week pension would incur a reduction of £30 per week, some JSA would still be payable.

Here is the guidance from the DMG

Pension payments, Pension Protection Fund periodic payments and Financial
Assistance Scheme payments that are
1. made to a claimant for any week and
2. more than £50 each week
are deducted from the claimant’s age related amount, when calculating the amount
of JSA(Cont) payable to the claimant for each benefit week. The amount deducted is
the excess over £50.
1 JS Act 95, s 4(1); JSA Regs, reg 81(1)
Example
A woman receives pension payments totalling £83.50 each week. The pension
payments exceed the £50 maximum by £33.50. So £33.50 is deducted each benefit
week from the amount of JSA(Cont) that she is entitled to.

healy

Please ignore my incorrect post.

MOUNTY

redz wrote: »

No, it isn't. The first £50 is disregarded, Anything over £50 is deducted penny for penny. Therefore an £80 per week pension would incur a reduction of £30 per week, some JSA would still be payable.

Here is the guidance from the DMG

Is the £50 band likely to be increased in the future?

healy

MOUNTY wrote: »

Is the £50 band likely to be increased in the future?

I would doubt it as it has remained the same since it was first introduced.

MOUNTY

healy wrote: »

I would doubt it as it has remained the same since it was first introduced.

Therefore the best scenario would be for JSA payments to increase to help reduce further deductions (dependant on my pension value) correct? Not that i wish to be unemployed!!!!!

healy

MOUNTY wrote: »

Therefore the best scenario would be for JSA payments to increase to help reduce further deductions (dependant on my pension value) correct? Not that i wish to be unemployed!!!!!

With the present economic/political situation there are likely to be very small/if any increases in benefits for sometime and in any case JSA contribution based only lasts for 6 months maximum.