2006-11-07 08:43:37 · 9 answers · asked by Maggi M 1 in Business & Finance ➔ Personal Finance
If you have either a pension plan or you are eligible for the state pension, the amount of money you have stashed away shouldn'y affect it at all.
2006-11-07 09:10:00 · answer #1 · answered by Kari 3 · 0⤊ 0⤋
Savings have no impact on the right to a pension. The State Pension is based on National Insurance contributions (made by the employer) through the individuals working life. Any savings don't affect that.
Any other pensions - i.e. a personal plan or a company pension are again totally seperate to any savings the person has. The pension paid depends on how the investment in the pension has performed, how much was paid into the pension originally and on any specific scheme rules for the plan.
2006-11-07 23:41:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You get the basic state pension and the various earnings related supplements based on your NI contribution record. It doesn't matter how much is in the bank.
You can only claim means tested benefits if you've got less than £12,000 in savings. These benefits are designed to top-up your total income to a particular level so any interest from the savings and any other income effectively comes off your benefit.
2006-11-07 08:58:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Savings do not affect the right to have a pension in the UK but they do affect the right to benefits. There is some excellent information on
www.thepensionservice.gov.uk
Do hope this helps.
2006-11-07 08:56:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The pension fund is in difficulty, not because we are residing longer yet because of the multitude of immigrants who're by now previous sufficient to benefit from the benefits of state pension - even although they could have lived the following for decades drawing advantages of all sorts - yet have by no potential placed a penny decrease back into the device. I paid my dues for 40 5 years or so and deserve each and every pound of my state pension - perhaps that is not the oldies we could continually be 'bumping off' ! without us the device might want to have collapsed years in the past. an similar argument applies for the nationwide well-being service.
2016-11-28 21:37:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you are entitled to the basic state pension because of your NI contributions you could be a millionaire and they have to pay it - savings affect other benefits but not the state pension
2006-11-07 08:53:12 · answer #6 · answered by william john l 3 · 1⤊ 0⤋
It's not based directly on savings, but on the interest you earn from the savings. The interest is treated exactly as any other income, so only you know the answer.
2006-11-07 08:53:52 · answer #7 · answered by Malcolm 3 · 0⤊ 0⤋
Stuff everything you have in the mattress. If this Government wants it in the future, there is nothing you can do if it is traceable. From what I see, they want to tax us 100 percent and give us all pocket money and its happening! Green Taxes "My ****!" (Substitute for rectum.)
2006-11-07 09:53:15 · answer #8 · answered by WavyD 4 · 0⤊ 0⤋
not sure but try www.inlandrevenue.com (i think) or ring welfare benefits or citizens advice
2006-11-07 08:53:18 · answer #9 · answered by mishnbong 6 · 1⤊ 0⤋