What happens if your pension pot is depleted?

As per the question, do you throw yourself on the mercy of the state and get signed up for assorted benefits?

If yes,,thats something.

If you had a DB pension, it would get paid until you snuff it and you would be taxed month in month out and be unable to claim anything

Have a DC pot, deplete it,,,then claim benefits..?
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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  • Brynsam
    Brynsam Posts: 3,643
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    Exactly which benefits do you feel might be payable, particularly if you have 'depleted' your pot in a way the state sees as a deliberate disposal of capital?
  • C_Mababejive
    C_Mababejive Posts: 11,646
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    Im not saying you blow it all on around the world travel. I mean if it is just naturally depleted as a result of taking a reasonable annual income..
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • Brynsam
    Brynsam Posts: 3,643
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    Penury in old age, I'm afraid. Nobody is going to come along and rescue you; it will be subsistence level benefits only. Your concept of 'reasonable' has to be tailored to match the amount you have in savings balanced against that great unknown: how long you'll live.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    I mean if it is just naturally depleted as a result of taking a reasonable annual income..

    Reasonable being subjective. Naturally should last 30 years by simply constantly adjusting.
  • zagfles
    zagfles Posts: 20,274
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    Brynsam wrote: »
    Penury in old age, I'm afraid. Nobody is going to come along and rescue you; it will be subsistence level benefits only. Your concept of 'reasonable' has to be tailored to match the amount you have in savings balanced against that great unknown: how long you'll live.
    So called "subsistence" level benefits for pensioners is over twice that of working age people. £163 a week for single person or £249 for a couple, and housing costs (mortgage/rent/council tax) benefits on top.

    https://www.gov.uk/pension-credit/what-youll-get
  • Teaandscones
    Teaandscones Posts: 143
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    Thrugelmir wrote: »
    Reasonable being subjective. Naturally should last 30 years by simply constantly adjusting.

    Perfectly reasonable to expect at 65, maybe not at 95 though.
  • Brynsam
    Brynsam Posts: 3,643
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    zagfles wrote: »
    So called "subsistence" level benefits for pensioners is over twice that of working age people. £163 a week for single person or £249 for a couple, and housing costs (mortgage/rent/council tax) benefits on top.

    https://www.gov.uk/pension-credit/what-youll-get

    ...won't stay that way - simple arithmetic points out the impossibility.
  • zagfles
    zagfles Posts: 20,274
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    Brynsam wrote: »
    ...won't stay that way - simple arithmetic points out the impossibility.
    And don't tell me - the state pension will become means tested. We'll lose the TFLS. NHS will collapse. Tax rates will be 50%. Etc etc.
  • ffacoffipawb
    ffacoffipawb Posts: 3,593
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    zagfles wrote: »
    And don't tell me - the state pension will become means tested. We'll lose the TFLS. NHS will collapse. Tax rates will be 50%. Etc etc.

    Anything possible under a Corbyn regime.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    As per the question, do you throw yourself on the mercy of the state and get signed up for assorted benefits?

    If yes,,thats something.

    If you had a DB pension, it would get paid until you snuff it and you would be taxed month in month out and be unable to claim anything

    Have a DC pot, deplete it,,,then claim benefits..?

    You can but you won't get any because the new SP is set at a level where it's deemed you don't get benefits.
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