Are pensions capital?

r_i_c

Thanks. I'm astonished. But is there anything I can do now - this far down the line? On the verge of sending the probate/IHT paperwork off and does the fact I am the son / beneficiary as well as sole executor confuse the picture?

Anyhow, it seems insane that I am footing DDs to my mum's estate while the bank account aspect of her estate is healthy - it seems crazy.

r_i_c

r_i_c wrote: »

Will update on the CAB.

The CAB basically said they can't comment because "everything changed in April" and no-one now knows how to classify pension draw-downs in terms of benefits regulations, ie, "is the draw-down capital or income - if income that may debar someone on JSA(I) being paid benefits". That's what they said.

This shouldn't affect me anyway because I will be contributions JSA if I have to claim. But there is wide confusion out there - even the CAB specialist pension people couldn't give a straight answer because "all the guides since April are now out of date".

:-|

But I seem to be okay for now - just got to get those IHT/Probate forms inked in & in the post asap :-o

lisyloo

I can't see why you shouldn't also claim Jobseeker's Allowance

Just be aware that you have to do a lot of stuff for JSA.
I am not saying that's wrong because obviously tax payers (like you and I) expect people to be official job hunting, however I'm wondering whether you need this right now or over the enxt couple of weeks.
For example - you will get targets and be expected to apply for a certain number of jobs via the job center website (as it has cookies and records stuff), you'll be expected to keep detailed records.
My partner found this such a chore (and doverted him from his real job seeking attempts) that he voluntarily chose not to take JSA.

I'm not saying you should or shouldn't just making you aware that you'll need to complete a numbr of tasks and attend interviews at the job center which you might not want right now whilst you are dealing with the funeral/will. Your choice of course.

r_i_c

lisyloo wrote: »

... the job center which you might not want right now whilst you are dealing with the funeral/will. Your choice of course.

Thanks & absolutely concur, but I face a 'black hole' of financial insecurity between getting the IHT paperwork off into the post & the eventual, hopeful granting of probate. I can't exist on nothing if my attempts to find employment do not bear fruit in the short term.

What a sad farce the Employment Exchange has now become in that it actually diverts people from job hunting by requiring them to meet government targets & fill in tick boxes ~ or else :eek:

xylophone

The CAB basically said they can't comment because "everything changed in April" and no-one now knows how to classify pension draw-downs in terms of benefits regulations, ie, "is the draw-down capital or income - if income that may debar someone on JSA(I) being paid benefits". That's what they said.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417473/pension-flexibilities-dwp-benefits.pdf

atush

i thought probate wasn't required for some estates?

xylophone

i thought probate wasn't required for some estates?

https://www.gov.uk/wills-probate-inheritance/overview

It would appear that the OP's late mother owned a property which passes to him in her will.

r_i_c

xylophone wrote: »

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417473/pension-flexibilities-dwp-benefits.pdf

Thanks Xylophone - you are obviously ahead of the game. The first thing I notice is "Any cash lump sum you take that is deemed to be capital will not affect entitlement to a contributory benefit" so as long as I qualify for JSA(C), & I ought to having been a DWP registered carer, the allowance carries class 'A' NICs.

However, there is then this:

'If you are under the qualifying age for Pension Credit: If you take money from your pension pot, it will be treated as either income or capital, depending on, for example, how regularly you withdraw it.'

But it seems to relate to: 'rules around how your pension, and any money you take from it, will be treated in the calculation of your entitlement to the following income-related benefits: Jobseeker’s Allowance (income-based)'

So I appear to be in the clear so far as contributions-based JSA is concerned.

r_i_c

xylophone wrote: »

https://www.gov.uk/wills-probate-inheritance/overview

It would appear that the OP's late mother owned a property which passes to him in her will.

Yes that is true, a property - including all associated maintenance, Direct Debit costs, and an elderly, infirm pet dog - I am currently attempting to run on £62.10 a week. This includes administration costs for the estate which I was told I can recoup after probate has been granted (sigh).

lisyloo

What a sad farce the Employment Exchange has now become in that it actually diverts people from job hunting by requiring them to meet government targets & fill in tick boxes

Yep absolutely.
My husband was in senior management so his time was better spent by networking with CEO's over coffee. However that doesn't count !!
Good luck.