Unemployed but with high savings

HappyBirthday

I have ceased trading with my small business due to low profitability. So, I suppose I am technically unemployed. I have considerable savings, way over £16,000, and am staying with a relative.

I won't be therefore eligible for any benefits.

Is there any point in registering as unemployed perhaps to gain access to job-seeking resources or for NIC purposes?

If so, where do I register?

I appreciate any advice you may have.

theoretica

You could get NIC this way. Whether you think this worth it will depend in part on how many years of NIC you need to get for the full pension and how long you have to get these.

Dox

Register at the JobCentre. Yes, worth doing to get NI credits - who knows when the rules will change again, so get as many years of NI as you can while you can!

HappyBirthday

Dox wrote: »

Register at the JobCentre. Yes, worth doing to get NI credits - who knows when the rules will change again, so get as many years of NI as you can while you can!

Right, I will do this on Tuesday. I haven't been to a job centre for over 25 years!! Thanks.

sportsarb

Were you paying class 1 or class 2 NIC's?

If it is the former you might actually be entitled to 6 months of New Style JSA. If the latter, then still worth it for credits being made to NIC's, can go towards future entitlement towards benefits if required and also keeps state pension accruing.

HappyBirthday

sportsarb wrote: »

Were you paying class 1 or class 2 NIC's?

If it is the former you might actually be entitled to 6 months of New Style JSA. If the latter, then still worth it for credits being made to NIC's, can go towards future entitlement towards benefits if required and also keeps state pension accruing.

Neither, some years class 3. Most years nothing. I am pretty sure I am not entitled to any benefits.

[Deleted User]

Try the turn to us benefits calculator.

HappyBirthday

MarkN88 wrote: »

Try the turn to us benefits calculator.

I am really not eligible for any benefits (for the 3rd time). This thread is not about claiming benefits.

I just wanted to know if there is any point registering as unemployed. That's all.

Thanks.

Mojisola

HappyBirthday wrote: »

Neither, some years class 3. Most years nothing.

It would be worth getting a pension check to see how many (or how few) contribution years you've got.

https://www.gov.uk/check-state-pension

sportsarb

HappyBirthday wrote: »

Neither, some years class 3. Most years nothing. I am pretty sure I am not entitled to any benefits.

No problem. Thought it was worth asking as a lot of people aren't aware of the nuance within the system and don't claim.

HappyBirthday

Mojisola wrote: »

It would be worth getting a pension check to see how many (or how few) contribution years you've got.

https://www.gov.uk/check-state-pension

I know.

But the focus of this thread is whether there are benefits of registering as unemployed with some government entity (Job Centre Plus ??) when one is ineligible for benefits.

Can you help with that?