pension and serious ill health

inkyblue_2

Hi I hope you can help with my quandary. I am 45 and have been diagnosed with a serious illness, I have had one of my personal pensions paid out in full under the serious ill health rule.

Perhaps over-optimistic of me but I do not think I am about to pop off, I may not live for 25 years but am not going anywhere just yet I don't think.

So having received the initial pension in full and tax free, I paid off debts booked a fab holiday have a v small affordable mortgage and a healthy disposable income. I am 45 with 2 children and a husband.

My question surrounds a final salary scheme I was once a member of, having read various threads I am aware it has a CETV of approx £165K, it would pay me around £8k upon my retirement at 60 with 2/3 payable to my spouse on my death.

I will almost certainly not live to "old bones" so thought it might be worth withdrawing in full and investing for an income perhaps in property?? I could also leave the property to my children!! I was thinking of 2 houses with a small mortgage on each to spread the risk a bit.

any thoughts on this idea, if the miracle cure is found I thought 2 buy to let properties would replace my lost pension? I am quite willing to get involved in property management as I am currently in good health.

Is this a mad idea??

xylophone

You will need to discuss this with an IFA qualified in Pension Transfers.

http://www.moneymarketing.co.uk/news-and-analysis/pensions/fca-announces-dramatic-overhaul-of-pension-transfer-qualifications/2019187.article

https://www.unbiased.co.uk/

atush

given you have children, and a spouse, the death benefits can be quite considerable (ie a pension to all 3).

This can be reliably calculated (dependent only on your health and state of employment, so make no decisions until you get it reviewed by a professional).

In your case, the exact prognosis and your death benefits need to be considered by a professional (IFA not FA)

mgdavid

inkyblue wrote: »

Hi I hope you can help with my quandary. I am 45 and have been diagnosed with a serious illness, I have had one of my personal pensions paid out in full under the serious ill health rule..
................ I am currently in good health........

Am I missing something or does this not make sense?

atush

Well yes. Feeling ok now but reduced LE? Yet one pension paid out. A quandary.