I don't understand!

freccle

greenglide wrote: »

Does the OP understand that the £6,000 lump sum is actually a true lump sum, payable in its entirely at your retiring date tax free? This is the equivalent of the 25% tax free lump sum that you see in DC schemes or the defined benefit schemes which have no automatic lump sum.

Additionally you will receive £200 each and every month for the rest of your life with increasing in line with inflation. If your spouse should outlive you they will normally get half that per month.

The £6,000 should pay for a trip to Disneyland (or do you actually mean Disney World)?
So what, exactly, is the problem?

No I didn't understand - in fact until a couple of months ago I didn't even know was entitled to a pension. I have no idea how they arrived at the final figure and yes I did mean Disney World. With worsening health issues this may be the last chance we have to go

atush

If you have other savings, no debt, and sufficient income to go on then spend your money any way you like.

but investigating HIS pensions and LI would be the first place to go if he is terminal.

jewelly

She didn't say her husband was terminal.

atush

I know they didn't, but said his health was deteriorating. Which may mean he now is? Get a current prognosis from his doctor.

To use her pension, which she would need after he is gone, esp if his pension only pays 50% or less to the survivor, and if he has LI- these should be explored/exploited first.

If he has a DC pension, then all of it would go to her (is she nominated as beneficiary on all his policies) so she could look at using her pension.

margaretclare

If you really insist on going to Disney World in Florida, there's a lot else to see outside Disney. The Everglades - boat trips. Cape Canaveral. When I was in Florida those were the only things I wanted to see. The whole history of how they got to the moon. Fascinating.

OldBeanz

It is your money. You have earnt it. Spend it as you like. Send a postcard:).

tell_it_how_it_is

As above - spend as YOU see fit, and enjoy.

mumps

freccle wrote: »

No I didn't understand - in fact until a couple of months ago I didn't even know was entitled to a pension. I have no idea how they arrived at the final figure and yes I did mean Disney World. With worsening health issues this may be the last chance we have to go

You didn't know you were getting the lump sum so why not enjoy it? You will have the extra income to carry on with. I hope your husband enjoys it, it sounds like a lovely idea for you both to have a special trip with the GC.

greenglide

My husband had bowel cancer last year that so far is in remission but we never know what might happen. this would be my only opportunity to take the kids

Travel insurance for your husband, especially traveling to the USA could be very very expensive. You don't want to go without it under any circumstances.

Keep_pedalling

I had rather assumed (reading between the lines) that the OP had very little in the way of savings, which is why I said don't blow it. If that is not the case then fine, otherwise save it everyone should have something in the way of an emergancy fund especially as they get older, and I'm sure your grandchildren will love you the same whether you take them or not.

I'm not even sure if your lump sum would cover the trip if you have to do it in the school holidays.