End of salary pension

xjxdreamcat

Hello
Can you point me in the right direction please. 
I’m 55 and not able to work due to ill health which is only going to detoriate. 
I’ve not worked for over 10yrs but paid into a pension when I did work which I now want to cash in I’m fully aware of what I want to do with the money and how it will leave me when I am at retirement age.  
My pension to get it now would be around 35 thousand and the pension company has said I need financial advice before they’d transfer it.  I’ve spoken to a couple of financial advisors who have said they dont touch pensions that are less than a 100 thousand because of the fees and man hours etc they’ve also stated that I’d probably struggle finding anyone that would deal with it.  So what can I do? 

sheslookinhot

Do you want to transfer it, or begin to draw on it ?

xjxdreamcat

I want to draw on it.  

Dazed_and_C0nfused

It looks like your thread title means this is a defined benefit (final salary) pension.

In which case once the Cash Equivalent Transfer Value (CETV) exceeds £30k you do indeed need to take advice and this can be costly (several thousands).

There are a lot of threads about this situation so maybe have a read of some of those first.

tacpot12

Your choice is to find someone who will advise you, which will take a lot of ringing around and cost you c£4000, or to take the pension that the scheme will pay you as a monthly amount. 

Dazed_and_C0nfused

xjxdreamcat said:

I want to draw on it.  

Have you checked what the existing pension will pay now (with actuarial reduction if applicable)?

Silvertabby

Dazed_and_C0nfused said:

xjxdreamcat said:

I want to draw on it.  

Have you checked what the existing pension will pay now (with actuarial reduction if applicable)?

And ask if the rules are different if access is taken on grounds of ill health.

The LGPS, for example, pay deferred benefits without any actuarial reductions if ill health is proven.  Means going through the Occupational Health procedures via the ex employer.

xylophone

I’m 55 and not able to work due to ill health which is only going to detoriate. 
I’ve not worked for over 10yrs but paid into a pension when I did work which I now want to cash in 

It seems that you have a deferred Defined Benefit Pension.

Do you have a scheme guide?

What does it say about drawing your deferred pension on the grounds of ill health?

xjxdreamcat

Thank you for your replies.  Everything that’s been stated are things I’ve done.  But I’ll read through the different threads again and see if I missed anything.  Thank you again.