Ill health retirement.

fionamary1

Hope I have the right thread on this.
I am a shift worker working earlies, lates and nights.
I have recently been diagnosed with Parkinsons disease,and due to my medication etc have asked my employer,if possible to change the shift pattern to earlies only.This is to accomodate the medication,and also due to parkinsons,avoid night/rush hour driving.
My employer refered me to an occupational health advisor,who totally agreed with my request,and issued a report to confirm.
My employer at a recent meeting stated that due to "operational requirements",my request could not be met.
As an alternative they suggested I may wish to take Ill health retirement.
My question is,as I am a few months past my 55th birthday,and can draw my pension now,is ill health retirement still an option,or does ill health retirement offer me any advantage of extra years etc,as drawing the pension now will offer me a lower monthly payment and cash lump sum instead of suffering it out untill 65yrs of age,and getting a larger payment on both counts.

Silvertabby

It depends on the pension scheme rules. Can you say which pension scheme you are in?

Brynsam

If it's a final salary scheme (or other defined benefit arrangement), or an occupational defined contribution scheme (one run by the employer just for their own employees and overseen by trustees), you could be better off retiring on grounds of ill health. As Silvertabby says, it depends on the rules of the scheme.

If it is a personal/stakeholder pension, it probably won't make any difference unless the employer is willing to put their hand in their pocket to top up your fund (and they might, if your retirement would solve their problem).

You might also check if your terms of employment include something which may be described as either Permanent Health Insurance (don't confuse this with private medical cover such as BUPA) or 'salary replacement'; also check if you have something called critical illness cover, which may provide a lump sum on the diagnosis of certain illnesses (may or may not include Parkinsons).

I do hope this answer helps.