Age 67 and taking OAP & Occ Pension but any new options for me?

luminated

I am so sorry if this has been asked before but not able to use the PC like I used to and carry out searching.


I get my normal OAP (from 65) and a small occupational pension (from 58 - ill health retired early) and my wife age 65 similarly gets her OAP (from 60) and a very small occupational pension.


Do we have any options with the Governments new rules to be able to draw cash from either of the occupational pensions even though we each took the maximum out when the pensions first started. I ask as we get by on the income but are cash short and are in need to replenish some of our household items and possibly our car.


Thanks for any help you can give me.

molerat

No, once crystalised there is (currently !) no option to take further lump sums.

If you were able to take a lump sum what would you live on as you currently do not get enough to live and save ?

luminated

molerat wrote: »

If you were able to take a lump sum what would you live on as you currently do not get enough to live and save ?

How did you work this out from my post????????????

jem16

luminated wrote: »

How did you work this out from my post????????????

You said;

luminated wrote: »

I ask as we get by on the income but are cash short and are in need to replenish some of our household items and possibly our car.

If you had been saving, as opposed to just "getting by", you wouldn't be cash short.

jamesd

No way to get money out of the pensions but if you own your own home you could consider equity release. Either the types where you never intend to pay back or the types where you have a pool of credit that you can draw on and repay as you wish.

atush

molerat wrote: »

No, once crystalised there is (currently !) no option to take further lump sums.

If you were able to take a lump sum what would you live on as you currently do not get enough to live and save ?

this is certainly how I understood your post too.

If you were allowed to do so, and did, you would then have even less income therefore you would be worse off.

I would get part time jobs or downsize.

luminated

jamesd wrote: »

No way to get money out of the pensions but if you own your own home you could consider equity release. Either the types where you never intend to pay back or the types where you have a pool of credit that you can draw on and repay as you wish.

Many thanks JamesD for giving me a useful idea I can follow up and for your not trying to be clever like some posters.

xylophone

if you own your own home you could consider equity release. Either the types where you never intend to pay back or the types where you have a pool of credit that you can draw on and repay as you wish.

The OP seems to be renting?

https://forums.moneysavingexpert.com/discussion/comment/64935328#Comment_64935328

We have been with the same bank for 40 years, never an overdraft, no adverse credit or CCJ issues & never missed a rent payment.

possibly our car.

No help from Motability?

https://forums.moneysavingexpert.com/discussion/comment/66064151#Comment_66064151

The OP currently has CT/HTB -

We are on HB/CTB & are just waiting for the new award letter to send in with the grant application. It all takes time but will be well worth it if we can get sorted out.

would accessing capital (supposing they could) not mean that they would lose benefits?

luminated

xylophone wrote: »

The OP seems to be renting?

https://forums.moneysavingexpert.com/discussion/comment/64935328#Comment_64935328





No help from Motability?

https://forums.moneysavingexpert.com/discussion/comment/66064151#Comment_66064151

The OP currently has CT/HTB -



would accessing capital (supposing they could) not mean that they would lose benefits?

Not sure what you are trying to prove but any chance of helping me with the question I asked in my OP?

xylophone

are you a Mega Troll

That's a first!:rotfl:

I thought I was being helpful by adding some background!

luminated

xylophone wrote: »

All folks have to do is ask, and if I feel it's needed to get a reply to my question, I will give a full reply.


Still I've given you a 'thanks' but can you add any more to my OP question as my life is not that straightforward thanks to '!!!!!' health issues thus needing to know if I have any options.


I take back my comment about you being a Mega Troll (I will edit my post to show I mean no ill but heat of the moment carried away with typing) but I was getting that in before someone called me one - lost rack as I post infrequently - is it still Andy?