When will i be expected to take my pension

bigadaj

mjdh1957 wrote: »

95% of posts on internet forums, even those that purport to be factual, are opinions.

It's the equivalent of asking the drinkers in a pub for advice - not something totally to be relied on.

Real advice usually costs money....

A d paid for advice frequently isn't worth the money you paid for it!

whitesatin

Lady.Mo.of.the.Mead wrote: »

As it is only your opinion I will ignore it, I was looking for definite facts not opinions. The post after yours is exactly what I needed.

Opinions are part of what you get on forums, take them or leave them. Sometimes people only want to read what they want to "hear".


Your OP states: "I have never declared that I have a pension but I guess that DWP will know that there is one". Why don't you contact them and check? I am sure they would give you their "opinion", or maybe you don't want to hear that either. I suggest that you find out asap otherwise there could be issues further down the line, possibly.

I am not going to hold back on giving my opinions, as I said, take them or leave them.

seven-day-weekend

AFAIK (sorry that's an opinion), you will not be expected to take your Pension before the Scheme Retirement age. When you reach that age you will be expected to take it, whether or not you are better off on Benefits. The means-tested Benefits will be adjusted accordingly.

(Why would the DWP know you have a works Pension if you have never told them? They deal with State Pensions, not private or occupational pensions.)

elmer

You also need to bear in mind that if you dont take it and dont tell them that you can take it, when they find out that it was available to you at 60, you will have an overpayment to pay back to the DWP.

elmer

MsSupertech

You don't say how long you,ve been receiving benefits but you seem to have long term health problems... Are you sure you wouldn't have been eligible for early payment of a full pension on health grounds??

ffacoffipawb

seven-day-weekend wrote: »

AFAIK (sorry that's an opinion), you will not be expected to take your Pension before the Scheme Retirement age. When you reach that age you will be expected to take it, whether or not you are better off on Benefits. The means-tested Benefits will be adjusted accordingly.

(Why would the DWP know you have a works Pension if you have never told them? They deal with State Pensions, not private or occupational pensions.)

Presumably a corollary to this is that if you have a unit linked / stakeholder / personal pension you would have to take it at 55 as these don't have a scheme retirement age?

mgdavid

ffacoffipawb wrote: »

Presumably a corollary to this is that if you have a unit linked / stakeholder / personal pension you would have to take it at 55 as these don't have a scheme retirement age?

but they do have an expected Retirement date which is the date they were given when it was taken out, or varied subsequently. I don't know what happens currently but until recently it was usually in line with state retirement age; or, at least, my two plans are.

ffacoffipawb

mgdavid wrote: »

but they do have an expected Retirement date which is the date they were given when it was taken out, or varied subsequently. I don't know what happens currently but until recently it was usually in line with state retirement age; or, at least, my two plans are.

Not doubting you, but my HL Vantage SIPP has no retirement age that I can find anywhere.

For benefits purposes best set it to 75 then.

Debt_Free_Chick

ffacoffipawb wrote: »

Not doubting you, but my HL Vantage SIPP has no retirement age that I can find anywhere.

For benefits purposes best set it to 75 then.

'Fraid that won't benefit you. Once you reach State Pension Age (or more accurately, the age at which you could qualify for pension credit) DWP will take account of the notional income that could be paid by your SIPP.

Debt_Free_Chick

Lady.Mo.of.the.Mead wrote: »

I do have in place an occupational pension from an employer that I worked with for many years. My question is at what age will I be expected to take this, I have never declared that I have a pension but I guess that DWP will know that there is one.

Your benefits will be reassessed when you reach State Pension Age - or rather, the age at which you would qualify for pension credit (both ages may well be the same).

At that point, DWP will take account of your occupational pension, whether you take it or not. Also, they will take account of your State pension entitlement.

At State Pension Age, your State Pension will replace some/all of your benefits.