New Job Seekers Allowance and Pensions

Spivo46

Just lost my job at 64, not ready to retire and looking for new work. I have taken some of my pension tax free lump sum. Does this affect my claim for NJSA?

sammyjammy

New Style JSA?  No taking a lump sum will have no impact if that's the only benefit you are claiming.

Spivo46

sammyjammy said:

New Style JSA?  No taking a lump sum will have no impact if that's the only benefit you are claiming.

Thanks, that is all i will claim. I also recieve a very small annuity of £80 per month which i believe will be deducted from the JSA payment i receive. I also have £35k in the bank which i believe will not be considered as part of the claim.

poppy12345

A weekly pension of up to £50 will have no impact on your JSA. Anything more than this will be deducted £1 for £1. You also need to make sure you tell them, even if it’s below £50/week. https://www.disabilityrightsuk.org/resources/new-style-jobseekers-allowance#:~:text=However%2C%20if%20you%20receive%20an,new%20style%20JSA%20is%20unaffected.

sammyjammy

Spivo46 said:

sammyjammy said:

New Style JSA?  No taking a lump sum will have no impact if that's the only benefit you are claiming.

Thanks, that is all i will claim. I also recieve a very small annuity of £80 per month which i believe will be deducted from the JSA payment i receive. I also have £35k in the bank which i believe will not be considered as part of the claim.

Its only deducted for anything over £50 a week so you will not have any deductions based on what you've said.

Sam

Spivo46

poppy12345 said:

A weekly pension of up to £50 will have no impact on your JSA. Anything more than this will be deducted £1 for £1. You also need to make sure you tell them, even if it’s below £50/week. https://www.disabilityrightsuk.org/resources/new-style-jobseekers-allowance#:~:text=However%2C%20if%20you%20receive%20an,new%20style%20JSA%20is%20unaffected.

Thanks poppy12345, thats good to know. I wasn't going to claim JSA, but having worked from 16 to 64 with no break, i thought i have earned it!

clairbear_3

apols for hijacking thread but would receiving £1k /month pension drawdown affect NewstyleJSA

NedS

clairbear_3 said:

apols for hijacking thread but would receiving £1k /month pension drawdown affect NewstyleJSA

Yes. The first £50 is disregarded, and after that it is deducted pound for pound from your JSA.

Your pension will be around £230/week, £50 is disregard and the remaining £180 will be deducted from any JSA entitlement, so you will have no entitlement to JSA once the pension goes into payment.

You will need to notify the jobcentre/JSA and the claim will end.