[QUOTE=papa smurf;35770038]
Quote:
Originally Posted by TheDaddy
You not allowed to work anymore if you get the state pension or something?[COLOR="Silver"]
i had no idea you could work and claim your pension and it seems get some benefits  |
Up to press, the State Retirement Pension is not means tested. It is not affected by capital or any other money coming in (including wages) apart from income tax (as it is a taxable benefit).
People may be getting confused because, many years ago, for the first five years after their official retirement age, if a pensioner earned above a given amount money was taken away from their pension until such a point that the pension was completely extinguished.
The most convenient figures that I have to hand are for 1977:
The first £40 of wages was disregarded, then 5p for every 10p earned was taken from the pension until earnings reached £44. After £44, 10p for every 10p of earnings was subtracted from pension entitlement.
The Government of the day abolished these rules as it was deemed unfair to partially means test something that people had paid into during their working life and to encourage more people to work longer in order to help the economy. IIRC, this measure was also something to do with anti age discrimination law.
There is also a scheme that the last Government introduced whereas a pensioner can defer taking their State Retirement Pension in return for receiving more pension when they do decide to take it.
Anybody thinking of doing this should bear in mind that the current Government has made this option less attractive for men born after 6/4/51 and women born after 6/4/53.
https://www.gov.uk/deferring-state-p...at-you-may-get
There are different rules for the means tested top up scheme called Pension Credit.
The Winter Fuel Allowance is based mainly on age alone* and isn't means tested or taxable either. The age at which one becomes eligible for it varies as the increased retirement ages are phased in.
* From this winter, pensioners who live abroad in countries considered to be 'warm' are now excluded from receiving any more Winter Fuel Payments.
This has proved controversial as some say that they don't need it, so shouldn't get it. Others argue that if they have paid into the system whilst working in the UK, they should receive it in line with pensioners who choose to take their retirement in the UK.