| Retirement Advice 18:26 - Mar 6 with 1717 views | Swailsey |
Not for me, clearly. But for my dad. We’re trying to work out exactly what benefits he can claim/what he is entitled to. Essentially:
He’s 78
Has worked full time since he was 15
Has some pensions
Lives alone (rents)
Married by separated
Self employed sole-trader
We are looking to try and get some financial advice/support for him as he works out if he can afford to retire, or rather what shortfall he would have so I can pay it to him.
Or alternatively looking to see if he can work a certain number of hours and still be entitled to things.
We have called CAB and Age UK, but Age UK couldn’t advise and CAB never picked up.
Thank you, just want to try and support him as best I can. [Post edited 6 Mar 18:28]
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| Retirement Advice on 19:13 - Mar 6 with 1525 views | DJR |
I am not an expert in this field but I think you first need to work out what income he would have if he stopped working, and what savings he has.
Having done that you might be able to form a provisional view as to whether he might be able to claim pension credit, which brings with it a top-up of income and other benefits.
Here is a link, with basic information which you should read in full.
https://www.gov.uk/pension-credit/eligibility
Please note this passage.
"If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs."
In any event, I think you ought to arrange an appointment with the CAB who are experts in this area. Meeting in person is much better than the phone for this sort of thing. And they might be able to help fill in forms.
Incidentally, I had thought my mother-in-law wasn't entitled to pension credit but it turned out she was because of something that the basic information didn't cover.
And even if he isn't entitled to pension credit, they may know about things he can claim (he might, for example qualify for housing benefit to help pay his rent), and might be able to answer any other questions he has.
[Post edited 6 Mar 19:23]
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| Retirement Advice on 19:23 - Mar 6 with 1482 views | ArnoldMoorhen |
I am not a Financial Advisor, and this is not Financial Advice.
State Pension is a non-Means Tested payment (currently). Qualification is based on the number of full years that the individual has paid National Insurance, or qualified for a credit for that if not working. I assume that your Father already receives this?
You say that he "Has some pensions". Are these currently being paid to him, or has he opted not to receive them yet?
If he already receives State Pension, and already receives the private pensions, then the calculation I would look at is what the difference is between his take home including these and not including these, that is "work etc income".
I would look at his in and out for the last couple of years, and do some simple budgeting calculations. Has he brought in more than he has spent for the last two years?
Are there costs associated with his business which he will no longer have to pay? Eg a car or van.
Does his separated partner have a claim on any of his pension? Could they get nasty about this?
If his State Pension plus private pension is less than a certain amount, he would be eligible for Pension Credit. There is an easy to use calculator here:
https://www.gov.uk/pension-credit-calculator
That tells you what he could receive in addition to state pension plus his other pensions, if he didn't work. It is possible that State Pension plus other pensions is too much for him to qualify for further help. |  | | |
| Retirement Advice on 19:27 - Mar 6 with 1449 views | BlueForYou |
The “has some pensions” bit is probably the key. Presume you mean private pensions? He must be receiving state pension already? |  | | |
| Retirement Advice on 19:29 - Mar 6 with 1438 views | DJR |
| Retirement Advice on 19:23 - Mar 6 by ArnoldMoorhen |
I am not a Financial Advisor, and this is not Financial Advice.
State Pension is a non-Means Tested payment (currently). Qualification is based on the number of full years that the individual has paid National Insurance, or qualified for a credit for that if not working. I assume that your Father already receives this?
You say that he "Has some pensions". Are these currently being paid to him, or has he opted not to receive them yet?
If he already receives State Pension, and already receives the private pensions, then the calculation I would look at is what the difference is between his take home including these and not including these, that is "work etc income".
I would look at his in and out for the last couple of years, and do some simple budgeting calculations. Has he brought in more than he has spent for the last two years?
Are there costs associated with his business which he will no longer have to pay? Eg a car or van.
Does his separated partner have a claim on any of his pension? Could they get nasty about this?
If his State Pension plus private pension is less than a certain amount, he would be eligible for Pension Credit. There is an easy to use calculator here:
https://www.gov.uk/pension-credit-calculator
That tells you what he could receive in addition to state pension plus his other pensions, if he didn't work. It is possible that State Pension plus other pensions is too much for him to qualify for further help. |
Very helpful advice but I don't think that calculator is sufficiently precise because it didn't work for my mother-in-law who turned out to be eligible.
In any event, the first question it asks is whether you are self-employed, and if you say you are it says you cannot use the calculator but might still be entitled to pension credit. [Post edited 6 Mar 19:34]
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| Retirement Advice on 19:46 - Mar 6 with 1367 views | Daninthecampo |
I'm a financial adviser but no longer living in the UK but I can probably still give you some guidance.
I'm assuming he's already in receipt of the full state pension?
What's the value of his other pensions and is he in drawdown?
Value of all cash savings/ investments?
This should help ascertain if he's eligible for any additional payments/ benefits
Message me If you want any help | | | |
| Retirement Advice on 19:52 - Mar 6 with 1302 views | DJR |
| Retirement Advice on 19:27 - Mar 6 by BlueForYou |
The “has some pensions” bit is probably the key. Presume you mean private pensions? He must be receiving state pension already? |
If he is, it will be the old state pension which isn't as generous as the new state pension.
And the amount might depend on the number of years of NI contributions. [Post edited 6 Mar 19:54]
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| Retirement Advice on 20:02 - Mar 6 with 1225 views | Swailsey |
Thank you all! | |
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| Retirement Advice on 20:10 - Mar 6 with 1190 views | J2BLUE |
Is his rent reasonable? Might be worth looking at sheltered accommodation which may be cheaper and offer a bit more security than a private rent. I'm sure like everything it's a mixed bag but may be worth a look.
Good luck. |  |
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| Retirement Advice on 21:10 - Mar 6 with 1030 views | ronnyd |
Just enjoy it and do things when he wants to do it and not when someone else tells him to do it. At 78 he deserves it. | | | |
| Retirement Advice on 21:50 - Mar 6 with 879 views | EdwardStone |
Send off for his Government Gateway number if he hasn't already got one
Apply online and wait 7 - 10 days and it will arrive in the post
This will give him/you access to loads of specific pension info rather than general guidance |  | | |
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