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What am I, pensioner or unemployed ?

bemac
Posts: 22 Forumite

Hello all a rather confusing Title but I am sure you will understand what I saying as your read on.
In August 2014 I had had enough of employer shipping jobs overseas so I decided to leave and take voluntary redundancy plus, as I am over 55, early retirement.
I used the money I got to purchase a property, which my wife and I now live in. We consider ourselves to be lucky as we are mortgage free and all the assets within the home are paid for. We have no loans or overdraft and have a modest amount of money left, just under £5,000.
I feel that I am not making full use my pension or getting benefit entitlement. For example, I draw a monthly pension, £700 but I not classed as a pensioner – so still pay for prescriptions. Also I am not classed as unemployed so not entitled to any benefits, simply because I have a pension income.
Seems a bit odd to work for 40 years, pay all the tax and NI as well as contribute to pensions to be told at 57 I am regarded as too old to work or to young to be a pensioner.
On the pension side I had 3 policies – One which pays out the monthly value and two others with transfer values of £15961 and £42413.
I tried to get them all combined but the original provider said the policy was closed.
The low value one (£15k) said when I am 60 I could possibly cash it all in as it would yield very little annually.
The £42k one are remarkably slow at responding to letters, the last I heard was they couldn’t do anything until I was 65 and then the figures had no guarantees. And when I asked about combing the two last year, I have yet to receive any reply?
How do I go about getting the whole pension package reviewed, what is my current status regarding employment or benefits etc. does anyone know?
In August 2014 I had had enough of employer shipping jobs overseas so I decided to leave and take voluntary redundancy plus, as I am over 55, early retirement.
I used the money I got to purchase a property, which my wife and I now live in. We consider ourselves to be lucky as we are mortgage free and all the assets within the home are paid for. We have no loans or overdraft and have a modest amount of money left, just under £5,000.
I feel that I am not making full use my pension or getting benefit entitlement. For example, I draw a monthly pension, £700 but I not classed as a pensioner – so still pay for prescriptions. Also I am not classed as unemployed so not entitled to any benefits, simply because I have a pension income.
Seems a bit odd to work for 40 years, pay all the tax and NI as well as contribute to pensions to be told at 57 I am regarded as too old to work or to young to be a pensioner.
On the pension side I had 3 policies – One which pays out the monthly value and two others with transfer values of £15961 and £42413.
I tried to get them all combined but the original provider said the policy was closed.
The low value one (£15k) said when I am 60 I could possibly cash it all in as it would yield very little annually.
The £42k one are remarkably slow at responding to letters, the last I heard was they couldn’t do anything until I was 65 and then the figures had no guarantees. And when I asked about combing the two last year, I have yet to receive any reply?
How do I go about getting the whole pension package reviewed, what is my current status regarding employment or benefits etc. does anyone know?
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Comments
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Who told you you're to old to work at 57 ? I don't think they're right.
As regards trying to cash-in your smallest pension you've got no chance. They add them all up to get one figure.Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
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You are unemployed as you are not employed but are you seeking work? Your pension income presumably is too great to enable you to claim ESA / JSA (income based) and I presume you are outside the time limit to claim ESA / JSA (contributions based) so you are not "Unemployed and claiming benefits".
Are you a pensioner? Well you are in receipt of a pension so yes you can call yourself that. However this does not entitle you to free prescriptions, bus pass, winter fuel payment etc as these are based on your age - you must be over female SPA or male SPA depending on the benefit.
Just because you have decided not to work and to receive your employers / private pension should in no way mean that you should get any of these earlier than someone who is still working.0 -
First of all, if you were unemployed, and looking for work, you might be able to get Jobseekers allowance. But this is means tested, and not sure if 700 (and whatever your OH earns) would put you over. There is I think, an initial 6 months of non means tested JSA, but if this time has gone by w/o you signing on and looking for work you may have missed the bus. You don't have too many savings to meet the means test. Try the Benefits board we dont' know. What we here Do know, is that you could get another job, part time even if you don't have enough income.
Second, get or give us more information on the other 2 pensions not in payment. If they are personal or old employers DC pensions, then you should be able to access them at age 55 for the tax free LS, and then an income from the rest. As the total of ALL your pensions is over 18K, you cannot get the 15K one as a lump sum, just 25% of it.
It might be that one is a section 32 buy out bond or something similar and they had different riles (and some have GARs or GMPs that could be valuable). If not, you could transfer them to a provider that will allow you access at age 55. They also could be other Defined benefit pensions, in which case they have scheme rules about when you can take them, and how much they will subtract from them if you take them early.
So confirm exactly what type of pensions these other 2 are.0 -
Ageism is rife in the UK - you be surprised how many companies 'overlook' anyone over 50. I am told I am over qualified and in one instance they said I may get bored with the role - never quite say I am to old but the picture is clear. they want someone younger who perhaps hasn't earned as much as I have in the past. (Although I did say I would work for the going rate anyway).
Trying not to focus too much on that - assuming someone out there will employ me in time, what do I do until then.
Do I sign on as a job seeker (mess up the Govt employment figures)
As a person receiving a pension and it appears expected to live on that alone, are there any "benefits" to be claimed (NHS prescriptions just one example)
And finally who can i look to for pension advice that won't charge me more than the pensions are worth to make sure I get everything out of them?0 -
You are unemployed if you are signed on for unemployment. You are retired if you have ceased work forever. You are not employed if you have chosen to take a break.
57 is not too old to work and many firms will favour mature, hard working people over inexperienced kids with no common sense or inclination to work.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It doesn't matter very much what your position is technically called - what matters is what you want to do.
Do you want to work or not? If yes, have you made any efforts to find work?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I'm probably being a little sexist and/or old-fashioned here.
My take is that men under 65 are employment age and that women under 60 are employment age.
As a woman over 60 that makes me a pensioner and retired and I am looking to get pensioner discounts/benefits as far as possible.
However, State agencies simply will not regard me as retirement age (even though I am) because I have not yet reached my revised State Pension Age.
Upshot is the only pensioner things I can get at the moment are my work pension (started at 60 okay) and free prescriptions (if in England), free buspass (if in Wales) basically.
In either country, I can claim my 10% pensioner discount at a certain DIY chain store on Wednesdays.
Most of all to the point, I cant get my State and Serps part of my pension until the State accepts I am a pensioner (ie that revised SPA). I also asked for my pensioner discount at local authority class I go to recently and got told that didn't apply to me because of not having reached this revised SPA.
As someone of either sex of 57, then you aren't a pensioner or retired in any sense anyone (including me) will recognise as a pensioner.
Basically, you are still unemployed and just not due for any benefit because your income is too high to qualify and its not relevant that the income is called "pension", rather than being called "salary or wages".0 -
If the £700 pension income is you and your wife's combined income then you can probably claim council tax reduction which depends on your income and not what you call yourself.0
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moneyistooshorttomention wrote: »I'm probably being a little sexist and/or old-fashioned here.
My take is that men under 65 are employment age and that women under 60 are employment age.
As a woman over 60 that makes me a pensioner and retired and I am looking to get pensioner discounts/benefits as far as possible.
However, State agencies simply will not regard me as retirement age (even though I am) because I have not yet reached my revised State Pension Age.
No, you're not. You haven't reached retirement age until you reach your SPA.0
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