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  • FIRST POST
    • username12345678
    • By username12345678 10th Jan 18, 12:49 AM
    • 167Posts
    • 72Thanks
    username12345678
    Drawing from SIPP before age 55 due to ill-health
    • #1
    • 10th Jan 18, 12:49 AM
    Drawing from SIPP before age 55 due to ill-health 10th Jan 18 at 12:49 AM
    I've looked online and searched threads on MSE to try and find the answer to this but i'm still not entirely clear what the ruling is if you are not terminally ill.

    As I understand the terminal illness scenario...

    If you have less than 12 months to live and your Dr signs off on this then you can withdraw your entire SIPP.

    It is the non-terminal scenario I can't find an answer to...

    My employer can no longer keep me on due to illness/disability but this isn't immediately life threatening. Can I start drawing on my SIPP as if I was 55? Or would it be assumed I was employable in some form and so still be bound by the 55 rule?


    I'm not ill by the way...just curious.
Page 1
    • Kynthia
    • By Kynthia 10th Jan 18, 9:32 AM
    • 5,061 Posts
    • 7,056 Thanks
    Kynthia
    • #2
    • 10th Jan 18, 9:32 AM
    • #2
    • 10th Jan 18, 9:32 AM
    I'm not aware of any way you can access your SIPP early due to ill health. If you arebt terminal then you'll still need that money for when you're over 55. If you are too ill to work and your employer doesn't offer medical retirement then you need to look at claiming benefits. The advantage is i don't believe that the money in your SIPP counts as savings which reduce yiur benefits.
    Don't listen to me, I'm no expert!
    • atush
    • By atush 10th Jan 18, 9:58 AM
    • 16,459 Posts
    • 10,203 Thanks
    atush
    • #3
    • 10th Jan 18, 9:58 AM
    • #3
    • 10th Jan 18, 9:58 AM
    My employer can no longer keep me on due to illness/disability
    What is your employer offereing you via your work pension? That may have early retirement due to illness benefits.

    If not, you should be made redundant, and get paid redundancy.

    Otherwise, benefits. Or an easier job- one that fits with your abilities re your health.
    • username12345678
    • By username12345678 10th Jan 18, 11:08 AM
    • 167 Posts
    • 72 Thanks
    username12345678
    • #4
    • 10th Jan 18, 11:08 AM
    • #4
    • 10th Jan 18, 11:08 AM
    Thanks for the replies.
    • squirrelpie
    • By squirrelpie 11th Jan 18, 1:19 PM
    • 15 Posts
    • 3 Thanks
    squirrelpie
    • #5
    • 11th Jan 18, 1:19 PM
    • #5
    • 11th Jan 18, 1:19 PM
    Or insurance ...
    • username12345678
    • By username12345678 13th Jan 18, 11:42 AM
    • 167 Posts
    • 72 Thanks
    username12345678
    • #6
    • 13th Jan 18, 11:42 AM
    • #6
    • 13th Jan 18, 11:42 AM
    Or insurance ...
    Originally posted by squirrelpie
    I've arranged cover up to age 55.

    £26pm which I thought was pretty good for £3000pm.
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