Pension Pot Advice 6/4/15

xylophone

And https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/258148/pc-10s.pdf

p 24 and p31 may well be worth a look.

qwerty444

xylophone wrote: »

And government/uploads/system/uploads/attachment_data/file/258148/pc-10s.pdf

p 24 and p31 may well be worth a look.

hmmm - pdf page 24 appears to contradict above answer by dunhosth... :doh:

Notional Income

Notional income is income your customer does not actually get but is treated as getting.
We may treat them as having notional income when they have:

• not claimed State Pension but are entitled to it
• not taken income available to them under a personal pension plan or a retirement annuity contract

The emphasis could be on the may word, but on what factors does this depend :huh:

dunstonh

My experience is that they dont look to include notional income from pensions until age 60 or scheme age if there is a penalty if taken earlier than scheme age.

xylophone

My experience is that they dont look to include notional income from pensions until age 60 or scheme age if there is a penalty if taken earlier than scheme age

.

Indeed. You have stated that you are over 60 - have you reached the age when the pension policies are to pay out?

See post 7
https://forums.moneysavingexpert.com/discussion/4979191

Presumably your mortgage has a repayment date? Was there a specific link made between the mortgage and the use of the lump sum to repay it?

qwerty444

xylophone wrote: »

.

Indeed. You have stated that you are over 60 - have you reached the age when the pension policies are to pay out?

See post 7
forums.moneysavingexpert.com/showthread.php?t=4979191

Presumably your mortgage has a repayment date? Was there a specific link made between the mortgage and the use of the lump sum to repay it?

Pension payouts have been offered (yearly for last few years), but not yet taken.
I can take when I like (up to age 75 iirc), but for obvious reasons will wait until after 6th April.
No specific link has been made.
Mortgage has been extended for 2 years (and covers next year).

Does this mean I'm standing on thin ice ?? :shocked:

dunstonh

Does this mean I'm standing on thin ice ??

Under 60, no. 60 or over, yes. However, it is up to the person doing the means test and how you answered the questions.

xylophone

Pension payouts have been offered (yearly for last few years), but not yet taken

Were they available to you without penalty after the age of 60 or pension credit age?


If so, and there was no specific link between your mortgage and the policies, did you make it clear that pension payments were available to you when you applied for PC?



Might you already be on thin ice?:eek:

qwerty444

dunstonh wrote: »

Under 60, no. 60 or over, yes. However, it is up to the person doing the means test and how you answered the questions.

xylophone wrote: »

Were they available to you without penalty after the age of 60 or pension credit age?


If so, and there was no specific link between your mortgage and the policies, did you make it clear that pension payments were available to you when you applied for PC?



Might you already be on thin ice?:eek:

I answered all Q's in full when I applied for PC, but I don't recall being asked about any PPP's...
Have not seen anything about penalties on my PPP's...
As I only intend to cash pots when I move, I guess I'll just have to wait and see what happens...
Hopefully all HMRC will want/need is my new address...
Everything else is 'same as before' !!

xylophone

Have not seen anything about penalties on my PPP's...

But were you asked about PPs? https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/271823/pc1_print.pdf

page 8

qwerty444

xylophone wrote: »

But were you asked about PPs? gov.uk/government/uploads/system/uploads/attachment_data/file/271823/pc1_print.pdf

page 8

Well I can't remember for sure (applied for on telephone and asked a multitude of Q's).
If they did ask me I would have said I have a pension mortgage.
(of which I haven't kept up payments btw, and therefore hasn't accrued enough capital to pay off the mortgage - so will be downsizing when we move).
Whether that makes any difference I don't know !!