Life after VR

Rack_Failure

I'm looking for any advice on any benefits I would be entitled to, looking for work etc for someone in my position.
Male, aged 57, VR opportunity - £83K redundancy, work pension £18K, no mortgage, no debt, family left home, only wife & I.

Basically, I've never been unemployed and can't resist the opportunity to get out of a what is a sometimes stressful job with redundancy and pension while I'm still healthy. I will be surprised if I'd be due benefits but could I still look around for work without signing on unemployed? Is there any disadvantages by not signing on unemployed? Is there any other tips someone who has been in a similar position can give?

Thanks

getmore4less

The pension and savings would scupper just about everything I think.


Looking for work, then contributions based JSA from day one for 6month( or till you get a job)

State pension should be covered if you have 30 years NI contributions if not signing on gets you NI covered.


£83k redundacy will get taxed have a look at the pension options to see if there is anyway to convert the bit taxed at 40% into pension or pension tax free lump sum.


Now the key is going to be is £18k enough to live on till other pensions kick in?
Review you finances so you have a plan based on reduced income, increased savings.


Does the wife work?

Pretend you have taken the package and think about what you might like to do.

michelle1506

Your redundancy payment is way too high, so you certainly won't be entitled to claim any benefits.

penrhyn

Are you planning on taking your pension immediately?
If so can it be front loaded so you get more until the stet pension kicks in?
You won't be paying NI contributions, but your pension will be liable for income tax.

As above you won't be getting any state benefits for a while.

ceridwen

There would be that initial 6 months' worth of non-means tested benefits though (assuming enough NI contributions have been paid). Not much - would only come to about £1,700 approx.

Caz3121

re JSA - this will be impacted by your pension so likely no payment

You can get an occupational or personal pension of up to £50 a week before your contribution based JSA is affected. This applies regardless of your age. However, if it exceeds £50, JSA entitlement is reduced penny for penny.