private pension

jimijeepster

my partner is disabled and will never return to work and has a shorter life expectancy , he has a paid up pension worth around £12,000 which he opted to take at 55 which he will be next year, does anyone know if he can take all the money now or next year ? i have heard that "trivial" pensions can be taken when you reach retirement age but is that only when you reach 65 ?

zzzLazyDaisy

Hi, so sorry to hear of your OH's ill health.

This site will give you more information:

http://www.sharingpensions.co.uk/pensions_simplification.htm

But it looks like a trivial pension can only be cashed in when the person reaches 60 yrs

Although if he takes it now, it looks like he can take 25% as a lump sum and the rest as income until he is 60, and then there is a calculation that reduces the remaining lump sum by the years he has taken income, and then the resulting figure can be paid as a lump sum trivial pension.

One other thing to look at though is whether he is entitled to an ill-health retirement pension as this is often much more generous than early retirement.

Please note - this is just my interpretation of what it says on the above site, you may need to get professional advice to make sure your OH makes the right decision.

Good luck

Daisy x

jimijeepster

thanks for the info and link Daisy , much appreciated