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The new toy boy tax!
superwoman4
Posts: 184 Forumite
I am a woman born in 1952, I'm 60.
My DH was born 1955, he's 57.
Difference between our ages is two and a half years.
I will receive my State Pension in 2015.
DH will receive his State Pension in 2021
We will not be able to apply for Pension Credit until 2021 – a waiting period of almost 7 years.
How can that be right, as a couple we will have to live on my single pension until I am 69 years old?
At least I'll have my toy boy to keep me warm. :rotfl:
My DH was born 1955, he's 57.
Difference between our ages is two and a half years.
I will receive my State Pension in 2015.
DH will receive his State Pension in 2021
We will not be able to apply for Pension Credit until 2021 – a waiting period of almost 7 years.
How can that be right, as a couple we will have to live on my single pension until I am 69 years old?
At least I'll have my toy boy to keep me warm. :rotfl:
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Comments
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Are you sure that you have that right? I thought that either one of the couple could apply for it as soon as they get their state pension, so for you 2 that would be whatever date in 2015. Does your chap not work then? Or if he does perhaps it is because your income is 2 high?0
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superwoman4 wrote: »How can that be right, as a couple we will have to live on my single pension until I am 69 years old?
No, I don't believe you will - surely you'll be living on your pension and your partners job earnings (or JSA/ESA) until he reaches state pension age, and then you live off both his and your state pensions combined ?
And even if you weren't entitled to pension credit it just means that you aren't entitled to a benefit - there's no 'tax' element about it, so please don't start the use of another inaccurate term with 'tax' in the name ....0 -
I would've thought that one of the advantages of having an OH who was younger than you would be not having to rely on your pension for a much shorter time. If I was still married to my first husband (which, thank goodness I'm not) I could defer taking my pension until I reached 73, when he would be 67.0
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Horseunderwater wrote: »Are you sure that you have that right? I thought that either one of the couple could apply for it as soon as they get their state pension, so for you 2 that would be whatever date in 2015. Does your chap not work then? Or if he does perhaps it is because your income is 2 high?
Under Universal Credit they will only be able to claim Pension Credit once both of them are Pension qualifying age"You've been reading SOS when it's just your clock reading 5:05 "0 -
Seems an odd way to look at things - surely your partner has a wage if he works, and benefits if he doesn't so you won't be living on your single pension? You have access to your pension far earlier than most people, and many people will have to work longer than your partner so not really getting what the complaint is about.0
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sammyjammy wrote: »Under Universal Credit they will only be able to claim Pension Credit once both of them are Pension qualifying age
I'd missed that - but isn't the idea then that the younger partner claims Universal Credit instead (if their combined income is low enough) ? So the OPs assertion that they will have to live off a single pension is still not necessarily correct (depending on the amount of the pension and other circumstances)0 -
Have neither of you payed into a personal or company pension during your working lives?
It may be worth contacting old employers as you may have been automatically enrolled into schemes you've forgotten about.
https://www.gov.uk/find-lost-pension0 -
superwoman4 wrote: »I am a woman born in 1952, I'm 60.
My DH was born 1955, he's 57.
Difference between our ages is two and a half years.
I will receive my State Pension in 2015.
DH will receive his State Pension in 2021
We will not be able to apply for Pension Credit until 2021 – a waiting period of almost 7 years.
How can that be right, as a couple we will have to live on my single pension until I am 69 years old?
At least I'll have my toy boy to keep me warm. :rotfl:
Congratulations on having a virile toy boy!
Does he not work? Or perhaps he's taken early voluntary retirement? In any event, you have 2 years to plan for this, so that should give you and your toy boy enough time to get some solid savings behind you, so that you have a good cushion of money to fall back on. HTH
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Sadly until uc comes in they will get the couple rate of PC and he can retire now.
Stupid system, but its the way it is.0 -
princessdon wrote: »Sadly until uc comes in they will get the couple rate of PC and he can retire now.
Stupid system, but its the way it is.
Thanks goodness for Universal Credit then:)
Will those in this situation and on PC, be hoofed off it when they go onto UC? Or will they be protected?RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0
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