Can I claim my pension

lattee

Hi all just wanted to know if anyone could give me some advice Iam 56 this year and have been on the sick for a year and a half due to long term illness. I was with my previous employer for 7 + years and they paid into a pension scheme for me with the norwich union. I didnt put any money towards it myself but i was wondering if i could cash it in as im really struggling at the moment and unable to work because of illness and only get the basic esa benefit. I would be grateful for any information. Thankyou

Lokolo

From 55+ yes you can, but obviously taking it earlier rather than later means you will have less each year (so for example you take it now you get £1k/month, you take it in 10 years you'll get £1.5k /onth).

As you know it's with Norwich Union you could ring up and ask for a pension forecast, they'd give you some information about how much you'd receive.

McKneff

You can only take 25% of it as a cash lump sum and either take the blance as a pension or leave it to grow and turn it into an annuity
at a later date.

dunstonh

was wondering if i could cash it in

no. You cannot cash in a pension. You can commence benefits from 55 as mentioned by lokolo above.

Loughton_Monkey

Agreed. You can take your pension any time after age 55.

You do not have to accept the 'annuity rate' offered by Norwich Union [it's part of Aviva now], but can shop around for a better deal. [Aviva are usually pretty good, though]. But you can only take 25% as a cash lump sum, tax free, and the rest as an income. If your illness is 'life threatening' then you may be able to get an 'impaired life' annuity at a higher rate.

lattee

Thanks everyone for your advice I am very grateful

bendix

Lokolo wrote: »

From 55+ yes you can, but obviously taking it earlier rather than later means you will have less each year (so for example you take it now you get £1k/month, you take it in 10 years you'll get £1.5k /onth).

.

I can't help thinking that anyone who uses a phrase like 'I'm on the sick' really worries too much about the possibility of having a lower income in a few years time.

'On the sick'. Are we still living in a Britain in which Bless this House was primetime tv?