65 and taking retirement in 4 months due to ill health

MumaBelle

Help! Have no clue. I am leaving my current job in 4 months on ill severance (on garden leave for 3 months) state pension kicks in next February at age 65. I have 6 different pensions aside from my current jobs, which I am applying for ill retirement. Is it a good idea to cash in your pension pots or pool together on an enhanced annuity. I am so confused, it’s a mine field

Marcon

MumaBelle said:

Help! Have no clue. I am leaving my current job in 4 months on ill severance (on garden leave for 3 months) state pension kicks in next February at age 65. I have 6 different pensions aside from my current jobs, which I am applying for ill retirement. Is it a good idea to cash in your pension pots or pool together on an enhanced annuity. I am so confused, it’s a mine field

State pension won't be kicking in at 65. It'll be at age 66.

Start by finding out exactly what you've got - which isn't as bad as you might fear. Do you have details of your 7 different pensions and can you work out whether they are defined benefit (final salary or Career Average are the most likely descriptions you'll see somewhere on the paperwork) or defined contribution  (some sort of personal pension or 'mastertrust' arrangement)?

QrizB

Have you checked your state pension forecast?

https://www.gov.uk/check-state-pension

LHW99

Marcon said:

MumaBelle said:

Help! Have no clue. I am leaving my current job in 4 months on ill severance (on garden leave for 3 months) state pension kicks in next February at age 65. I have 6 different pensions aside from my current jobs, which I am applying for ill retirement. Is it a good idea to cash in your pension pots or pool together on an enhanced annuity. I am so confused, it’s a mine field

State pension won't be kicking in at 65. It'll be at age 66.

Start by finding out exactly what you've got - which isn't as bad as you might fear. Do you have details of your 7 different pensions and can you work out whether they are defined benefit (final salary or Career Average are the most likely descriptions you'll see somewhere on the paperwork) or defined benefit contribution (some sort of personal pension or 'mastertrust' arrangement)?

I think the second "benefit" should be "contribution"?

Marcon

LHW99 said:

Marcon said:

MumaBelle said:

Help! Have no clue. I am leaving my current job in 4 months on ill severance (on garden leave for 3 months) state pension kicks in next February at age 65. I have 6 different pensions aside from my current jobs, which I am applying for ill retirement. Is it a good idea to cash in your pension pots or pool together on an enhanced annuity. I am so confused, it’s a mine field

State pension won't be kicking in at 65. It'll be at age 66.

Start by finding out exactly what you've got - which isn't as bad as you might fear. Do you have details of your 7 different pensions and can you work out whether they are defined benefit (final salary or Career Average are the most likely descriptions you'll see somewhere on the paperwork) or defined benefit contribution (some sort of personal pension or 'mastertrust' arrangement)?

I think the second "benefit" should be "contribution"?

Thank you - I've duly edited my post. 

OP, apologies. My slip must have really confused things for you if you'd read my post before LHW99 helped!

DRS1

How serious is the ill health?  Have you been given less than a year to live or is it something which will be with you into your 90s?