mr hunter

donnabonna

i have pension plan with pheonix life,through ill health i want to take a cash lump sum,the fund value is only £28,000,will they pay me this amount,my condition is measured in years (not that many though)as i would like to do something while i am can before my condition worsens.may thanks Ian,is there any companies out there who could help me to claim my pension.

dunstonh

If you are sufficiently long term ill with no realistic chance of working again the pension provider may allow you to commence your pension benefits early.

s there any companies out there who could help me to claim my pension.

Any local IFA.

donnabonna

Thanks,i know i can start a pension because of my health,its just that i thought when they say lump some i thought i could receive the the large amount,what they are saying is that i will receive as little as £123 per annum,not worth it really.

Linton

Your health may entitle you to an enhanced pension larger than your pension company quote. I believe you could only get a full lump sum rather than the standard 25% if your life expectancy was months rather than years. Your pension pot is too large for any other option. An IFA is the person to see.

atush

you can't take the entire pension as cash (if over 18K) unless your time left measures a year or less. then you can take a pension as cash.

If you are not far off this time, then ask your provider. If they say no, then you can take 25%, and leave the rest invested and ask to take that once you get down to a year est time.

jamesd

That year is also not a rigid limit. It's a doctor's opinion that there is a good chance that you will not live a year, not a requirement that you must not be able to live that long.

Don't go buying a standard annuity now. Switch to a place that will let you take a 25% lump sum and use income drawdown. Then when doctors say it's likely that you have a year or less you can take the remainder as a lump sum. If you do just want to buy an annuity, be sure that it is not a standard annuity, but rather an enhanced or impaired life annuity that will pay out more to those who have reduced life expectancy.

It's very unlikely that phoenix life have been quiting you for anything other than a standard annuity for normal lifetime. £123 a year is just too low to be anything else.

atush

mr hunter?

McKneff

And if you can, get somewhere else to organise your pension because I wouldnt let Phoenix organise a pee up in a brewery let alone give them free reign with my money.