Pensions

coyrls

Pincher wrote: »

I have not had a penny of earned income for over 15 years, because I have property income, but if I put down my occupation as "retired" for car insurance, they could try to refuse any claim for falsely declaring my occupation.

Is that right, that you can only say you are "retired" for your car insurance if you have reached state pension age? I have said "retired" on my car insurance and also included my date of birth which shows that I haven't reached state pension age. On what grounds could they refuse a claim? I am not working nor am I self employed and I don't claim any benefits. I'm not drawing any pension but plan to once I sort how and when. My current source of "income" is a redundancy payment.

green_man

dunstonh wrote: »

It probably is. I find around 4 out of 5 pensions are worth transferring to modern alternatives and resulted in a cost savings usually running into many tens of thousands of pounds after advice charge. Doing nothing and not paying £1000 can actually cost you more.

Hi dunstonh, can you elaborate on this please. I'm not sure what you are inferring by 'modern alternatives' are you primarily talking about charge structures? In my case I have a sizable pension pot in the company DC scheme with very low charges, I have no intension of moving it until I want to start drawing it (currently I am anticipating taking yearly lumps when I reach 55), and only then if my provider does not provide the options I require.

Are you suggesting I maybe should consider alternatives?

mgdavid

green-man if it's a company DC pension then presumably the employer is contributing, therefore they will dictate which scheme the monies are paid into, so no choice for you.
I have read that 'some' employers will pay a contribution to an employee's choice of scheme but have not experienced this personally. It would be perhaps easier and more likely for a small company to do this, large corporates want the economies of scale and everything done the same way so exceptions are far less likely to be entertained.

Pincher

coyrls wrote: »

Is that right, that you can only say you are "retired" for your car insurance if you have reached state pension age? I have said "retired" on my car insurance and also included my date of birth which shows that I haven't reached state pension age. On what grounds could they refuse a claim? I am not working nor am I self employed and I don't claim any benefits. I'm not drawing any pension but plan to once I sort how and when. My current source of "income" is a redundancy payment.

They don't give a damn when taking your premium. It's when you claim that they quiz you really hard, in case they can weasel out of paying.


The rules are changing soon, where the insurance company cannot use trivial differences to deny claims, but if you are an actor, but claim to be a surgeon, they can still make a case for refusal.


I tried "Landlord" as an occupation, but the correct definition is the manager of a pub, not a property owner who gets rent. The typical call centre rep doesn't even know the distinction. It's only when Landlord conflicts with another question like which industry sector that they tell me I can't choose Landlord as an occupation. If I said yes to Leisure industry, I would technically be lying.


I have not reached state pension age, and it sounds like we are in a similar situation. My income is too high, so I can't claim Income Support, so I can't say I am Unemployed.


On some websites, I can choose Independent Means, but it's not always available.


So, you can classify yourself as retired, but it doesn't mean somebody else agrees, especially when it costs them money.

hayleydaley

jem16 after consideration not taking that one leave that to grow till next year, 2016 then will take it.

green_man

mgdavid wrote: »

green-man if it's a company DC pension then presumably the employer is contributing, therefore they will dictate which scheme the monies are paid into, so no choice for you.
I have read that 'some' employers will pay a contribution to an employee's choice of scheme but have not experienced this personally. It would be perhaps easier and more likely for a small company to do this, large corporates want the economies of scale and everything done the same way so exceptions are far less likely to be entertained.

In my case, yes employer does contribute and I have a choice of a number of funds (about 20 choices) within the company wrapper. But even if the employer was not contributing would that be reason to move? In my case I am primarily in an Equities fund 60/40 UK/World with a charge of just 0.07% a year. Would there be any reason I am not considering to move to these so called 'modern alternatives'

coyrls

Pincher wrote: »

They don't give a damn when taking your premium. It's when you claim that they quiz you really hard, in case they can weasel out of paying.


The rules are changing soon, where the insurance company cannot use trivial differences to deny claims, but if you are an actor, but claim to be a surgeon, they can still make a case for refusal.


I tried "Landlord" as an occupation, but the correct definition is the manager of a pub, not a property owner who gets rent. The typical call centre rep doesn't even know the distinction. It's only when Landlord conflicts with another question like which industry sector that they tell me I can't choose Landlord as an occupation. If I said yes to Leisure industry, I would technically be lying.


I have not reached state pension age, and it sounds like we are in a similar situation. My income is too high, so I can't claim Income Support, so I can't say I am Unemployed.


On some websites, I can choose Independent Means, but it's not always available.


So, you can classify yourself as retired, but it doesn't mean somebody else agrees, especially when it costs them money.

Not sure what I can do then. I'm certainly not unemployed as I'm not actively seeking work and I wouldn't fancy the insurance premium associated with being unemployed anyway. When the insurance company went over my responses on the 'phone they did refer to me as a "retired gentleman", which did make me feel old (I'm not 60 yet)!

Pincher

coyrls wrote: »

(I'm not 60 yet)!

Neither am I.


So, if I ring up to report an accident, and the Claims clerk sees "Retired", and 53 years old on the screen.


Reaction A: Lucky guy, retired at 53.


Reaction B: Yipee! Bonus for successful denial of claim coming up.




Better have a good explanation ready.
If you are in receipt of an early retirement pension, fair enough.


"I was a ballet dancer, we can retire much earlier" is a good one.

jem16

Pincher wrote: »

Better have a good explanation ready.

Quote them the definition from the dictionary. http://www.oxforddictionaries.com/definition/english/retired

Definition of retired in English:

adjective


1Having left one’s job and ceased to work:

Pincher

jem16 wrote: »

Quote them the definition from the dictionary. http://www.oxforddictionaries.com/definition/english/retired

I want them to pay up, too.


Another thing is, 53 and retired is a funny combination.
I always thought the computer should blow up and say DOES NOT CUMPUTE.


Anyway, "Independent Means" is good enough for me. And Paris Hilton.