Talk Morgan Forums Community The Malvern Arms Pensions warning..

Is that really true?
According to the gov website, Quote
You must also be getting a qualifying means-tested benefit from the country you live in that is equivalent to:

Pension Credit
Universal Credit
etc.


So it would seem to be means tested.[/quote]

That's interesting, that was not referred to in the article I read recently on this, no mention at all. Just goes to show need to check everything these days. I'm not quite sure how the UK Government will have details of foreign benefit payments to UK pensioners who are EU residents living abroad.

Need to make sure that with equity release you are not receiving means tested benefits such as pension credit and the other associated reliefs eg reduced community charge, warm home etc. and you therefore no longer qualify now or in the future due to savings qualifications etc.

Sometimes it is better to downsize to a smaller more efficient house, we had a similar discussion with my mother who lived in a large detached house. However family connections and memories can run very strong, it was the house my Grandfather built, my Father was born in and 3 of her children were born in. So no way would my mother leave, to go into a local a warden purpose built for the elderly ,property designed for independent living which would have suited her needs and circumstances.


You are not alone in having suffered wage restraint, most of the unskilled or low skilled jobs have for decades seen no wage growth and that was nothing to do with bankers just oversupply in the work force, caused by in many instances uncontrolled migration

John, the cynic in me suggests that pensioners who have paid of their mortgages and are living in houses that exceed their basic physical needs, should be squeezed out of them by a variety of means, in order to free up housing for families....Perhaps a window tax or somesuch...? After all heating those oversized houses is just plain wasteful. Of course pension reductions seem to have potential to add to the downsizing pressures..and apparently any such measures applied may reduce the housing shortage by also encouraging those soon to retire to think of downsizing before they are left to depend upon pensions...?

When close friends have considered equity release, I have always tried to steer them towards downsizing. Some have taken this option which leaves their estate unencumbered and ensures that they don’t have a complicated contract hanging over their home.

Equity release is a sensible option for some - for all kinds of reasons.
However, as with many financial products which target the elderly, there are some really dodgy deals out there.

One of our horsey friends had a relative lobbying them to take equity release. A few questions soon revealed that said relative was on commission selling equity release.

Please get professional advice before anything is signed.

Only release what you need in the short term - no point paying a high compounding interest on tens of thousands which is sat in the bank for years. Can draw down a pre agreed amount in stages as needed.

One thought regarding dementia - husband and wife have to sign an equity release mortgage contract but both must have mental capacity - should be okay with POA but a problem without it.

Yep, my Mum. my sister and me all have LPA for Dad.

It never ceases to amaze me the absolute wealth of helpful knowledge we have on here @ TM

That's interesting, that was not referred to in the article I read recently on this, no mention at all. Just goes to show need to check everything these days. I'm not quite sure how the UK Government will have details of foreign benefit payments to UK pensioners who are EU residents living abroad.[/quote]



I'm quite offended that you have rearranged my post to make it look as if I made the unresearched comment which you actually made and I was correcting. Bit cheeky.
Nick

Nick and Ian Government link Here

Eligibility
You can get a Winter Fuel Payment for Winter 2024 to 2025 if you were born before 23 September 1958.

You must also live in England or Wales and get one of the following:

Pension Credit
Universal Credit
income-related Employment and Support Allowance (ESA)
income-based Jobseeker’s Allowance (JSA)
Income Support
Child Tax Credit
Working Tax Credit
You’ll also need to have been getting a benefit during the qualifying week of 16 to 22 September 2024.

In some circumstances, you might be eligible if you live abroad.

If you live abroad
If you do not live in the UK, you’re only eligible for the Winter Fuel Payment if:

you were born before 23 September 1958
you get UK State Pension
you have a genuine and sufficient link to the UK - this can include having lived or worked in the UK, and having family in the UK
the UK is responsible for paying your benefits
you moved to an eligible country before 31 December 2020 and are covered by the Withdrawal Agreement
If you are a British or Irish national living in Ireland, you do not need to have moved by 31 December 2020, but you will need to meet all of the other eligibility rules.

You must also be getting a qualifying means-tested benefit from the country you live in that is equivalent to:

Pension Credit
Universal Credit
income-related Employment and Support Allowance (ESA)
income-based Jobseeker’s Allowance (JSA)
Income Support
Working Tax Credit
Child Tax Credit

I'm quite offended that you have rearranged my post to make it look as if I made the unresearched comment which you actually made and I was correcting. Bit cheeky.
Nick[/quote]

Sorry Nick, but I just pressed the quote button to answer and replied beneath, the quote section, there was nothing intentional with regards to my reply ,or intentionally changed anything in the quote section, I have done nothing to your answer and yet not all your comments appear in the quote outline boxes as was the case in my earlier response to you

Far from it, I indicate I need to check things and not take reports I read at face value.