Ipswich Unemployed Action.

Campaigning for Unemployed Rights.

Retirees who raid pensions will be blocked from state benefits

with 10 comments

Obviously somebody has been thinking about this.

Very quickly the DWP’s jumped in.

The whole pensions ‘pot’ thing is open-season for scams – but they’ll make damm sure that the lower orders won’t benefit.

This is a very important issue, which cannot be hidden by all the talk about the “freedom” this move will mean.

Holiday firms set sights on billions from pension pots

Up to 75% of people planning to withdraw money under new changes are considering spending some of it on travel.

Pension freedom reforms are now giving more than half a million over-55s the opportunity to take control of their own retirement savings and spend, save or invest them as they wish.

The huge overhaul allows older savers unrestricted access to their whole pension pots, and removes the need to buy an annuity to provide guaranteed income for life.

But pension experts warn the freedom reforms bring big and serious risks, like fraudsters stealing people’s life savings, baffled retirees paying far too much tax, and the possibility of some treating their savings like a cash windfall and blowing them too fast.

The real ‘freedom’ will be for the ‘financial services industry’ to make money……out of money.

Benefit tales

Retirees who purposefully exhaust their pension pots and fall back on the state will not be given means-tested benefits, the government has confirmed.

The Department for Work and Pensions (DWP) has clarified how it would deal with those who spend their pension and then expect the state to fund their retirement, which many were concerned would add extra pressure on taxpayers.

It has now confirmed that if someone spends or gives away their pension fund, the DWP will treat them as if they still have that pension fund when calculating entitlement to means-tested benefits. Individuals will have to tell DWP and their local authority, which pays out some benefits directly, that they have accessed their pension pots.

The DWP uses pension credit – which is used to top up the incomes of the poorest pensioners – to illustrate its point.

It said in a document: ‘Once you (or your partner)…

View original post 238 more words

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Written by Andrew Coates

April 7, 2015 at 9:50 am

Posted in DWP, Food Banks, Fraud, Government

Tagged with , ,

10 Responses

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  1. Yet another “who can we target next” hopefully they take all their pension pot, because 1. we want the tax and 2, so that we don’t have to pay them any benefits.

    enigma

    April 7, 2015 at 11:05 am

    • Every time you look into the details of this it stinks to high heaven.

      But what will they do with people who’ve been swindled and left with nothing?

      No JSA, nothing: the gutter.

      Andrew Coates

      April 7, 2015 at 11:33 am

      • 2015, again changing the laws to “their” best interest.

        I think we’ll see scenes like that of the “Warsaw ghetto” .

        The rules on how you can access your defined contributions pension savings from age 55 have changed.

        https://www.gov.uk/government/news/pension-changes-2015

        enigma

        April 7, 2015 at 11:47 am

      • Since at present we see people left with nothing, getting no help from the services, they just might one day be rounded up and put in a concentration camp like that of the one currently in Greece.

        enigma

        April 7, 2015 at 12:01 pm

      • There’s nothing fun about being on welfare, and a new Kansas bill aims to keep it that way.

        If House Bill 2258 is signed into law by Gov. Sam Brownback (R) this week, Kansas families receiving government assistance will no longer be able to use those funds to visit swimming pools, see movies, go gambling or get tattoos on the state’s dime.

        Those are just a few of the restrictions contained within the measure that promises to tighten regulations on how poor families spend their government aid.

        State Sen. Michael O’Donnell, a Wichita Republican who has advocated for the bill, said the legislation is designed to pressure those receiving Temporary Assistance for Needy Families to spend “more responsibly.”

        [Missouri Republicans are trying to ban food stamp recipients from buying steak and seafood]

        http://www.washingtonpost.com/blogs/govbeat/wp/2015/04/06/kansas-wants-to-ban-welfare-recipients-from-seeing-movies-going-swimming-on-governments-dime/?tid=sm_fb

        Andrew Coates

        April 7, 2015 at 3:51 pm

      • Meanwhile here we are with a lot of people worried about those electronic signing pads. you know what I mean.

        I can see what is happening in US happening here and of course everywhere else, it is known now by some that it’s all about self sufficiency, but millions/billions still don’t yet know. it’s yet more control of peoples lives. we can imagine it (anywhere, everywhere) as one huge camp. with no freedom.

        enigma

        April 7, 2015 at 4:19 pm

  2. Young teachers are being forced to share rooms and struggle to get mortgages due to low salaries with little chance of pay rises, a union has claimed.

    New teachers are becoming demoralised and leaving the classroom after paying for their own education to join the profession – only to find themselves stuck on a low wage, the National Union of Teachers (NUT) annual conference in Harrogate was told.

    Delegates warned it will organise whatever action is necessary to defend its members rights to decent pay levels as it passed a resolution calling for an end to pay freezes and seeking a plan to restore “the real value of all teachers’ salaries”.

    http://www.hastingsobserver.co.uk/news/national/teachers-forced-to-share-rooms-1-6676028

    enigma

    April 7, 2015 at 12:40 pm

  3. If you’re planning to draw a sizeable sum from your SIPP fund, you may be shocked to discover it’s much the same as making pension contributions for more than ten years, for absolutely nothing!

    There’s No Doubt Getting Your Hands On Your SIPP Fund Sounds Like An Attractive Proposition, But If You Grab Hold Of It Too Quickly, You Could Pay A Huge Amount Of Unnecessary Income Tax

    https://www.sippclub.com/sipp-fund/

    enigma

    April 7, 2015 at 1:18 pm

  4. Campaigners Demand Impact Assessment Into ‘Draconian’ Benefit Cuts

    Campaigners have called for a cumulative impact assessment into benefit cuts and the support available to disabled people and carers.

    The debate and vote on the 27th February 2014, the first in history called by sick, disabled people and carers was successful, but since then the Government have failed to honour their side after misrepresenting the position of the Institute for Fiscal Studies, who actually believe it is possible to produce an accurate analysis of how the cuts have been targeted at sick and disabled people and their carers.

    Now, more than ever an assessment into the scale of the cuts needs to be completed to quantify, whenever possible, the human cost of the first round of cuts, before further cuts can be even contemplated.

    The news of some leaked documents, explaining further horrendous cuts to carers and sick & disabled people, have left them terrified of what is going to happen.

    http://www.welfareweekly.com/campaigners-demand-impact-assessment-into-draconian-benefit-cuts/

    enigma

    April 7, 2015 at 1:46 pm

  5. Please supply your agreements and contracts, provider guidance and policies
    and guidance and referral forms or procedures for your own Jobcentre staff on
    your plans co-locate IAPT therapists in over 350 jobcentres.

    The Department for Work & Pensions is working with the Department of Health and NHS
    England on the delivery of integrated mental health and employment services through co-
    location. We are identifying Jobcentres to test this new approach and will do this through a
    phased rollout. We are not able to provide details of specific Jobcentres at this stage; nor
    have we designed or issued any procedural guidance or forms.

    https://www.whatdotheyknow.com/request/259467/response/637492/attach/html/2/FoI%201110%20and%201112.pdf.html

    enigma

    April 7, 2015 at 1:59 pm


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