Private pensions

wild_one
wild_one Online Community Member Posts: 95 Connected
in Employment and Support Allowance (ESA)
I have a private pension to claim when I am 67 in nine years time. Sadly, it has become a burden I wish I never had. Realistically, as a man currently living in a council house, claiming HB and CTR I am unlikely to ever be able to be in a position where I could own my own home. Claiming the pension will effectively wipe out any means tested benefit, and after approx 9yrs the capital will have eroded away to under £10,000 when I would have to re-apply for HB and CTR. So, all that struggling to pay in the the pension, all those financial planning meetings have all been for nothing. I should have thrown caution to the wind back when I was a 25yr old man and spent the money on holidays and fancy dinners!

I realise my outlook is a bit gloomy but I am just being realistic. The sad thing is that I wish I could just 'gift' the money to my daughter who will struggle to be able to buy a home at all in todays climate. But obviously if I do that I will end up in jail.

Anyone else looking forward to retirement?

Comments

  • wilko
    wilko Online Community Member Posts: 2,438 Championing
    You are not the only one who went without to save for the future did what any sensceable young man did had life insurance private pension and now looking back wonder was it worth it, when others now spent away everything and claim benefits because of no or low income when they could have put something aside for later years. I know will say, respond with we where on a low wage bringing up a family yes so where many others who where good with their money and now wonder why what was it all for. Take some financial advice to move transfer your money to a place of access yet leaving some for children. Taking out a prepaid funeral plan will reduce the total many £1000s
  • wild_one
    wild_one Online Community Member Posts: 95 Connected
    wilko said:
    You are not the only one who went without to save for the future did what any sensceable young man did had life insurance private pension and now looking back wonder was it worth it, when others now spent away everything and claim benefits because of no or low income when they could have put something aside for later years. I know will say, respond with we where on a low wage bringing up a family yes so where many others who where good with their money and now wonder why what was it all for. Take some financial advice to move transfer your money to a place of access yet leaving some for children. Taking out a prepaid funeral plan will reduce the total many £1000s
    Yeah, I agree. I wonder if there are others like me claiming means tested benefits, that are looking at retirement with a private pension that will not be of any advantage?

    Pandora's box?
  • CockneyRebel
    CockneyRebel Online Community Member Posts: 5,188 Championing
    You really need to get expert financial advice. There are many variables with private pensions and benefits, lump sums, monthly income, deprivation of capital etc
  • wild_one
    wild_one Online Community Member Posts: 95 Connected
    CockneyRebel said:
    You really need to get expert financial advice. There are many variables with private pensions and benefits, lump sums, monthly income, deprivation of capital etc
    Yeah, but the liability for having a private pension is the same. Whether I take it in small bits or big bits

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