Ill health retirement - disability and a good few years from retirement

Westie983

xylophone wrote: »

Why is the Scheme not offering a monthly pension?

I did question this myself but I think its because my pension provider is managed by a trustee and its not a pension company in its own right>??

I have not been given any figures other then what the amount is in the pot and been given the options mentioned above and looks like I have to use the pot to buy an annuity which will give me a total monthly pension.

I am talking in basic term as I don't really understand the process other then I have access to my pension as I would do if I was 65 but the documentation is geared up to if I was this age so suggests I speak to pensionwise - purchase annuities which is where I am facing a barrier due to my age, its not been changed documentation to accommodate the ill health aspect of it.

Any help is massively appreciated as the documentation arrived last week and my end of employment last "working" day is next Sunday before quarter 2 starts.

Westie983

xylophone

Had you considered consulting an Independent Financial Adviser with expertise in pensions?

https://adviserbook.co.uk/

Tick "confirmed independent" and then such other expertise as required.

You might also post a question on the benefits board?

Westie983

xylophone wrote: »

Had you considered consulting an Independent Financial Adviser with expertise in pensions?

https://adviserbook.co.uk/

Tick "confirmed independent" and then such other expertise as required.

You might also post a question on the benefits board?

Thanks for the link about, I have found a IFA nearby and have sent an email to him to arrange a meeting either over the phone or face to face.

Westie983

WillowCat

Are you able to go into drawdown with your pension? If so, and you're planning on claiming UC then if you take 'ad hoc' withdrawals that keep you under the £6k savings limit then they won't be taken into consideration as income for UC purposes. Any annuity payment would be taken into account and reduce UC pound for pound.

If you do this it's important that the withdrawals really are ad hoc and can't fit into any sort of pattern - annual, quarterly etc.

WillowCat

This document discusses pensions and universal credit.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/419105/adm13-15.pdf

jamesd

An IFA is the way to go. Given your age an annuity is unlikely to be a sensible purchase due to the very low likely income. If income drawdown is available it's likely that an income of about 3% of the pot size can be taken for life, increasing with inflation each year. 3% is roughly the normal income paid out by a good mixture of standard investments.