Help with pensions

sheilavw

Thanks for that. Never thought of looking into having pension through anyone else, although Phoenix mention it in their literature

sheilavw

Thanks Kidsmugby, how can you draw it down so you don't pay that high tax? do you take a smaller monthly amount?
Thanks

atush

It would help if you answer questions asked, esp as to the health of the pension holder.

kidmugsy

sheilavw wrote: »

Thanks Kidsmugby, how can you draw it down so you don't pay that high tax? do you take a smaller monthly amount?
Thanks

Exactly. This tax year higher rate tax sets in at £42k and a bit; next year at £43k. You can see that if he spreads the withdrawal over a few years he (I assume) won't be in any danger of paying the higher rate. It's mainly a matter of not trying to take out the 75% (about £30k) in one fell swoop.

sheilavw

sorry somehow missed your post Atush about health. He is working but struggling. His leg ballooned last night (but went down after sleeping) he is also struggling again with his waterworks so has made a GP appointment for Monday. He has started looking for a 2 or 3 day little delivery job. I have just found his old occupational pension. It does say in the last letter from them in Sep 2014 that it is worth £4958.28 per annum but they cannot pay because total pension at your GMP age would not be enough to match the GMP . My net earnings are over 16k and we have no dependants now. If he had to give up I assume he wouldn't be able to claim anything due to my earnings

atush

It sounds to me he has serious health issues, possibly kidney problems, type 2 diabetes? Hopefully you will get some diagnosis off the doctor.

Do ask if any condition will impact his life expectancy, as this would affect any annuity if you decided to arrange one. And your decision re:what to do with the DB pension.

xylophone

Is your husband actually too ill to work? If so, is there a possibility of accessing the DB pension on grounds of ill health?

sheilavw

Hi hes working full time. Last bloods were fine, his main health problems is the blood clot behind his knee, swollen knee, and prostate (he had a long course of anti biotics a year ago for prostatitis) G.p has reffered him to orthopaedics for them to look at his knee. She has said fit for work but recommends part time. She said 5 nights in a truck 280 mile a night isn't good for his leg. She maybe able to do a letter to access pension early
Thanks for your help, its not something we understand a lot about

atush

Sitting in a car/truck for many hours is a DVT risk, which could be serious. So he might be able to retire early on health grounds it looks like.

Do let us know what happens.

sheilavw

It seems it is. He had one about 10 or 11 years ago. I think sometimes it's better to slow down. Hopefully a part time job will come along soon seeing as his employer won't reduce his working week even with the GP recommendation. He would take the 2 nights and let someone have 3, they wont even advertise