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A friend at work says social can make you cash a pension in if you claim benifits has its an asset after 55 that you can access.i disagreed and said bollarx he insists its true .can anyone settle this debate I can’t find anything online cash gold shares etc etc but nothing on pensions though I’m expecting it in the future.

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20 minutes ago, stokiescum said:

A friend at work says social can make you cash a pension in if you claim benifits has its an asset after 55 that you can access.i disagreed and said bollarx he insists its true .can anyone settle this debate I can’t find anything online cash gold shares etc etc but nothing on pensions though I’m expecting it in the future.

Pension pots are disregarded as capital for working age benefits. 

In a fraud case they may suggest using a pension pot to repay benefits to avoid a heavier fine or prison but could not make a person do that as far as I’m aware 

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22 minutes ago, Malthus said:

Pension pots are disregarded as capital for working age benefits. 

In a fraud case they may suggest using a pension pot to repay benefits to avoid a heavier fine or prison but could not make a person do that as far as I’m aware 

Cheers so it’s bollarx at the moment then 

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17 minutes ago, Nippy said:

What about the lump sum? Can they get their hands on that after you've taken your pension?

Definitely, if you take a lump sum from a pension pot it is then capital for means tested benefits , for working age people it affects IS, IR JSA/ESA, HB & UC if it takes capital over £6k and stops benefit if over £16k for working age people 

The other effect is that the non tax free part counts as income for Tax credits and often leads to overpayments. 

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There's rumours that they are going to make the over 50s pay more tax to cover the cost of adult social care. They may tax private pensions more in thus case. 

It's an odd idea to hit just the over 40s. Do younger people not get old? 

Here's a radical solution. If you need care in your old age, pay for it yourself. 

Edited by the gardener
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1 hour ago, the gardener said:

There's rumours that they are going to make the over 50s pay more tax to cover the cost of adult social care. They may tax private pensions more in thus case. 

It's an odd idea to hit just the over 40s. Do younger people not get old? 

Here's a radical solution. If you need care in your old age, pay for it yourself. 

It was specifically working people; copying what Germany is already doing.

I think it's an acknowledgement that the economy has been so skewed against young people - low wages, stupid housing costs - that they can't be harvested for any further tax so it has to come from the people who do actually have some spare cash - the over 50s.

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2 hours ago, the gardener said:

There's rumours that they are going to make the over 50s pay more tax to cover the cost of adult social care. They may tax private pensions more in thus case. 

It's an odd idea to hit just the over 40s. Do younger people not get old? 

Here's a radical solution. If you need care in your old age, pay for it yourself. 

They need the under 40's to have enough money left each month, to be able to buy overpriced houses. More of the over 50's will be mortgage free or have smaller mortgages and the low rates mean they have some spare money to pilfer. It's not like they will be spending it on a cruise this year is it?

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Why not immediately claw back some of the obscene wealth that the current richest age group in the UK have awarded themselves throughout their brief and cushy ''working'' lives?

They might have to forgo a cruise or two, or perhaps not be able to upgrade their current motorhome or E-Class to the latest model but it won't be such a hardship for them.

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2 hours ago, Royston said:

Why not immediately claw back some of the obscene wealth that the current richest age group in the UK have awarded themselves throughout their brief and cushy ''working'' lives?

They might have to forgo a cruise or two, or perhaps not be able to upgrade their current motorhome or E-Class to the latest model but it won't be such a hardship for them.

But the wealthy over 50s aren't making their money under paye.

Stupid bloody idea.

 

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5 hours ago, the gardener said:

It's an odd idea to hit just the over 40s. Do younger people not get old? 

Mentioned the other day. The government see sod all future generations having assets to raid in two decades, to pay for the incontinence tax. (Nursing fees).

Get that tax raid in early. Target the over 40s and have the younger workers cheering.

As I think you inferred Mr G. They wont get old. It wont hit them..just like higher rate tax and slow wage inflation.

Edited by The Grey Man
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Combining medical with nursing care. Radical idea.

https://amp.theguardian.com/society/2020/jul/27/revealed-social-care-nhs-swelling-budget-camilla-cavendish

Nope. Returning it to where it was. The bloating budgets 20 years ago for nursing/ residential care hived the nursing care over to the councils and social care costs.

This with the proposed over 40s social tax is big.

Why? 

Well I really dont know. In an age setting up tax revenues for todays CV costs.....makes me very wary...all sounds a bit utopian. They want the money. Where is the scam? Meaning we we still pay more..I just dont see the method. Anyone else?

Edited by The Grey Man
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9 hours ago, Wight Flight said:

But the wealthy over 50s aren't making their money under paye.

Stupid bloody idea.

 

More like over 60's to 70's, I wouldn't really class anyone in their 50's as part of that generation I'm referring to.

It doesn't have to only be Income Tax on PAYE... there's a whole range of other ongoing or one off taxes that could be imposed to at least try and claw back some of the wealth that they stole when they ripped up the social contract and helped themselves to the lot, especially with their ludicrously generous and completely unsustainable gold plated final salary pensions.

Edited by Royston
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4 hours ago, Frank Hovis said:

It was specifically working people; copying what Germany is already doing.

I think it's an acknowledgement that the economy has been so skewed against young people - low wages, stupid housing costs - that they can't be harvested for any further tax so it has to come from the people who do actually have some spare cash - the over 50s.

Young people vote to be screwed though. 

Just look at how the youngster love open borders. Immigrants from all over driving wages down, competing for jobs, competing for houses, driving house prices up.

 

The old meanwhile get cheaper carers and more people queing to rent their homes, and for the most part will die once the 'we wuz kangz' and 'reparations now' mob really get a foothold on the legal structure.

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I won't need social care 'cause Boris has bought me a brand new bike with some other muppet's money. :)

The old Conservatives used to tell you to get on your bike.  This new woke lot from the "Court of The London Elite" buy 'em for you.

Edited by Harley
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8 hours ago, PatronizingGit said:

Young people vote to be screwed though. 

Just look at how the youngster love open borders. Immigrants from all over driving wages down, competing for jobs, competing for houses, driving house prices up.

 

The old meanwhile get cheaper carers and more people queing to rent their homes, and for the most part will die once the 'we wuz kangz' and 'reparations now' mob really get a foothold on the legal structure.

Since 1997 we have had open borders despite people voting Cameron in because he said he would reduce net immigration to 10,000 but did absolutely nothing.

People have very much not been voting for open borders yet that is what they keep getting.

The Brexit vote was the big reaction to that.

Now we need the Conservative party to split into the nu Labour lite and old fashioned Conservative factions to give us a genuine choice to halt immigration.

Boris will be in the nu Labour lite.

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On 27/07/2020 at 20:21, The Grey Man said:

Might be wrong. I know PIP is not means tested. You need a billion forms of how you wipe your butt and function everyday..or not. The medical reason alone wont be enough.

I have a works pension that rose by £6 a month this year.

They reduced my ESA by the £6.

So no cost of living rise for me.

Plus because I have a pension my ESA overall is reduced in total by about £36 per week.

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On 26/07/2020 at 23:22, stokiescum said:

A friend at work says social can make you cash a pension in if you claim benifits has its an asset after 55 that you can access.i disagreed and said bollarx he insists its true .can anyone settle this debate I can’t find anything online cash gold shares etc etc but nothing on pensions though I’m expecting it in the future.

DHSS won't touch benefits - the courts will so tax avoidance, fraud or personal bankruptcy will eat your pension if you are 55 plus.

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