Pension / Pension Credit

[Uriah Heap]

Afternoon People,

The last time i used this site i was on the Working Programme and Ingeus was making my life hell. With the help i received here i managed to get through it and have now gone onto Pension Credit. I'm 63, 64 next April . What i've wondering is what will happen when i reach 65, the State Pension age, will my payments be changed again.

I'd been paying into two small private pensions which i stopped paying years ago, i think they total a bit over £18k at the moment, i've not withdrawn anything from them yet. I knew PC was income related and didn't want money in the bank which could have stopped me claiming. So what my question is, if the Standard Pension at 65 isn't income related ?????? Am i better waiting until then to make a withdrawl, or withdraw 25% now to spend before i need to fill another form in, and perhaps have to send copies of my bank statements ? And if i did withdraw 25% now, could i get the other 75% after i was 65 ?

Thanks.

[Halfman]

You will find that they will either make you draw your private pension in one form or another or the will stop what you could have drawn from it out of your PC.

It happened to me, I had a £17000 private pension and they stop me about £57.00 a week because of it.

Edited December 1, 2016 by Halfman

[Uriah Heap]

Thanks Halfman,

There seems something unfair about the fact that someone who never saved will get the full pension, and if you did it ends up costing you £50+ a week. It seems maybe now, while there's plenty of time i should ask for 25%, and get some home improvements done, perhaps a new kitchen. Then at least in a couple of years time i'll have a smaller pension pot to declare.

I wouldn't mind but the two pensions i have from two different banks, i feel i was forced to take out. Both times i'd gone the bank for a loan, neither refused me, but both said if i start a pension with them 'head office' would look at my application more favourably. I felt both twisted my arm.

[Halfman]

I think you misunderstand me.

If you are getting pension credit now,you "should" tell them that you have private pensions ( they somehow knew I had a private pension,maybe because I dropped out of Serps )because if they find out later they could reclaim some of the money they pay you now in pension credit as an over payment.

They will not let anyone get away with claiming too much money.

[Uriah Heap]

When i applied for PC, i did it by phone. The woman asked about pensions and i told her, but i told her i couldn't claim them for another couple of years. She said ok and declare them on your next form. So they do know.

I knew they couldn't be hidden 'cos years ago i was on jury duty and this old man hadn't declared his pension, but eventually it came out, he pleaded not guilty. I felt sorry for him and tried to argue his case, but even i knew he was in the wrong, and eventually the Judge accepted a majority decision.

[Shoelover]

When i applied for PC, i did it by phone. The woman asked about pensions and i told her, but i told her i couldn't claim them for another couple of years. She said ok and declare them on your next form. So they do know.

I knew they couldn't be hidden 'cos years ago i was on jury duty and this old man hadn't declared his pension, but eventually it came out, he pleaded not guilty. I felt sorry for him and tried to argue his case, but even i knew he was in the wrong, and eventually the Judge accepted a majority decision.

 

Data matching will bring it to their attention sooner or later- and as you have said it can land folk in court.

The old chap you mention must have been overpaid a lot to wind up at crown, but it happens.

[Uriah Heap]

Data matching will bring it to their attention sooner or later- and as you have said it can land folk in court.

The old chap you mention must have been overpaid a lot to wind up at crown, but it happens.

 

Morning Shoelover,

I csn't remember now the full details of the Court case, it must have been 25yrs ago, or even more, The man had taken early retirement with a small pension from his works, it was only a few pounds a week, and he never declared it. But then when he reached 65 it came out into the open, by this time his few pounds a week had left him overpaid in benefits by a few thousand. I think if he'd just held his hands up and said he hadn't understood the system, and was sorry. He may have got off more lightly.

But i did feel sorry for him and tried to argue that others, like Politicians were taking a lot more out of the system than they were due. I can't remember exactly, but he was sent to jail.