What is Pension credit?
What is Pension credit?
It's an income top-up for those over 60 and on low income...for whatever reason.Originally Posted by Michael Parnham
What is Pension credit?
https://www.gov.uk/pension-credit/overview
Thats what Im upset about Steve, seems they are trying to make me buy an annuity now.
I have just this minute received a phone call from The DWP, this what they have decided, They WILL reduce my Pension Credit from around £150 per week to about £110 per week from January 2016, This is because i have a Pension Pot which i am able to purchase an Annuity (Pension) with, though i never intended to do this until i am 65 (May 2017), so guys be very careful if you have a Pension Pot this GovernmentYeah, i have recently asked them for my contributions record, so that i can see what i am entitled to in a couple of years time. Last week i received a letter from DWP saying that my Pension Credit was being reduced by a third from January 2016, due to the fact i am entitled to a works/private Pension from that date, NOT true.
I have a Pension pot similar to many others on here, which i always intended to take when i am 65, if the DWP continue to reduce my Pension Credit because of this so called works/private pension thereby forcing me to take activate buy an Annuity NOW I will put my stubborn hat on and take out ALL of this Pot NOW and have a few years living off this before i get my State Pension. I dont care what others may think i built up this Pension Pot to be in addition to MY state Pension, not in place of, I am well Pissed Off right now, and have communicated some of what i have said on here to the DWP, indicating that NO i dont have a private Pension right now, I await there reply with interest.seem to be giving (HAHAHAHA) in one hand, but i can guarantee they are taking away in the other. My thoughts on this so called decision are unprintable on here
, i really have to sit down now, and decide which way i am going in the next few years, i am almost certain that i will be having a pretty long vacation probably by using my Tax free Lump sum from this Pension Pot...
I assume receiving £150 per week must mean you have no other income at all Harry
Thats correct Michael.
Not good Harry
I Guess me having to live on £110 will allow the immigrant population to live a little better, and to hell with the guys who have paid into the system all there lives. Sometimes i look back now, and think to myself why during the times i was unemployed, i never signed on preferring to live off my savings, i now look back and think this is the thanks i get..Not good Harry
Harry have you paid in all your working life so you do have the full state pension,
Yes, every week you're signed on you receive a NI 'credit'...which qualifies as a full contribution towards your State Pension. Also if you're detained at Her Majesty's Pleasure.
That's how I knew who had just come out of clink when I worked at the dole office . It was on their NI contribution record, 'HMP' .
Never knew that Graham, Prisoners should lose their NI contribution as part of the punishment process also after leaving prison they should be billed for whatever the cost was to keep them in prison!Yes, every week you're signed on you receive a NI 'credit'...which qualifies as a full contribution towards your State Pension. Also if you're detained at Her Majesty's Pleasure.
That's how I knew who had just come out of clink when I worked at the dole office . It was on their NI contribution record, 'HMP' .
Yes i have paid in over my working life, except for when i was made redundant several times over the years, then i chose on most occasions to not sign on, but to use my savings to live off.
Then there were the years that i opted contracted out, so i have requested a statement of what my Pension entitlement is likely to be.
This however is my Pension Credit which is around £150 per week, which is being dropped to £110, because i have an amount of money which i have been paying into to take a private pension on my 65th birthday, very much the same as lots of you guys. Now the DWP have told me that i have to take this private pension NOW and not wait until my 65th birthday.
I have just requested a statement asking for what amount i may have once i reach the retirement age,
I have another 9 years before i shall be receiving this also, but the figure came back £167, and they have taken £29 from this for me being contracted out , but remember the new pension does not come into force until April 2016, so the figure may be more or less, but it will not be below the £150 figure , Where did the £150 come from i just dont know, its on the other side of the page,
Like you are saying most have other pensions i have 3 , and i could start to draw on them all from the age of 55 but i am not doing this,
So what you are saying is, spend your money now and they may pay you the full £150 if you dont you will get £110, sounds silly to me
Yes, Pension Credit is a 'top-up' benefit, so any other income that comes along will affect it.
Shame the many thousands topping up THEIR benefits every day by working on the side, selling drugs, smuggled cigs and drink, fake goods, ebay trading etc etc aren't pursued more rigorously and locked up.
So forgive me Graham , PENSION CREDITS is a big NO NO to ever have had
Steve i think the £150 figure is the minimum the government has decided a single person needs to live on, so lets assume someone has income from other sources, or savings above 10k, whatever this income is they will deduct that amount from the Pension Credit.
My whole point about this is, they are trying to force me to draw my Pension now, and NOT wait until i am 65The DWP has decided for me, that my Pension savings are Income that can be used... so much for freedom of choice..
I'm not an expert on it Steve, but it's income-based for over 60s. So you don't need to worry yet.
... on the contrary, Steve!
... having retired a while before 60, I found it a TREMENDOUS boost to my modest occupational pension - in so far as it "tided me over" nicely in paying part of my Council Tax and entitled me to such things as free prescriptions + basic dental treatment in addition to reduced optical charges for a full five years - until I finally qualified for the State Pension ... when it stopped.
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