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Pension fund access for terminally ill

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  • Guest's Avatar
    Guest replied
    Hi Davey,

    Good advice as usual from John above. I would add that there would be a jolly good chance of your wife getting PIP bringing in a wee over £400 a month. PIP is not means tested. If you travel that road speed up your application using a DS1500 from your wife's GP or Neurologist.

    Hopefully you can get a paid sabbatical.

    Kind regards

    Jock

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  • Guest's Avatar
    Guest replied
    Hi Davey,
    Awful situation for you but I do not think there is anyway of accessing your pension pot. Probably not a good idea anyway at your age. Have you explored the benefit system to make sure you and your wife are getting all you are entitled to? It may be worth ringing mnda connect and seeing if they could give advice as to how to improve your income. Are your employers able to help? Could they give you a sabbatical during your wife's illness or help you financially through this period?
    Other than this you maybe could explore the possibility of local charities helping support you through this difficult time. Could you sell your home and maybe rent using the released capital to support you if your income ceases?
    I am afraid there are no quick fixes and the above are just voiced thoughts. Hope you are able to find a solution.
    John

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  • Guest's Avatar
    Guest replied
    Hi all any suggestions please would like to take early retirement to look after my wife as she gradually gets worse usual thing my pension provider has said cant until I am 55 (only a young 50 haha) really frustrating as I want to spend as much time with her as possible as we all know every second is precious !!!!

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  • Guest's Avatar
    Guest replied
    Hi Frank,

    Should know by now, you can only find if doing "Tangent"

    It's basically getting a few Thou now, off your Pension, and less monthly if you reach it to claim,

    Don't use Companies advertising on Tv, they'll charge 30% commission, deal direct with Gov.

    I'll be Online later, PM or email me, it's "splattered" across all Dropbox posts.

    Ray

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  • Guest's Avatar
    Guest replied
    Originally posted by fishmate12 View Post
    Hi Pete,

    See your GP, he can verify to State Pension that you're unlikely to reach Pension age ££££££££££££££££££
    Hi Ray.
    Could you explain a bit further please?
    I've tried reading up on this, but can't find any information.
    Any help is appreciated.
    xx Frank

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  • Guest's Avatar
    Guest replied
    Hi again Pete,

    I can't remember the way i did it, it was about 7 yrs ago, before taking supplements, i think i applied to State Pension to see if they would

    release some of it, i don't remember if i got a form for GP to sign, but he verified that i would be very unlikely to reach Pension Age.

    They accepted his word, and i got a partial lump sum, i didn't foresee at that time, that MND wouldn't have me

    I, like most, didn't think i would reach Pension Age, apply for it folks, then take supplements, go beyond Pension Age,

    I feel like i've opened "flood gates" when i'm only here for Health advice, and Entertainment, not Finances

    Ray

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  • Guest's Avatar
    Guest replied
    Hi Ray,

    Thanks for that will try to see him next week ,here's hoping

    Regards
    Pete

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  • Guest's Avatar
    Guest replied
    Hi Pete,

    See your GP, he can verify to State Pension that you're unlikely to reach Pension age ££££££££££££££££££

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Hello Mrsjbishop,

    Sorry to hear you have been diagnosed with MND ,at a relatively young age, John replied to my post regarding the pension situation at the time I found out my life wasn't going to turn out as I wanted it too, for me I had worked in security for 24 years and like you paid into a company pension scheme ,the big difference is my pension is laughable and doubt if I will live to reach the magic age of 65 ,because there is no way of getting my state pension early because I had the misfortune to get MND ,so like you ,I too believe I deserve my pension as I have worked all my life ,never being unemployed or claimed any benefits until now , so yes it's unfair , but no one ever said life was fair .

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  • Terry
    replied
    Hi J;

    Welcome to the forum, but it is a shame that your first post has a little dig at probably our most knowledgeable at hard working member. Like you, I had to compulsorily pay vast amounts of money into a pension, by far a bigger percentage than any others I knew at the time. If I had a choice at that time I would not have done it.

    I think that the trouble in our pensions finances happened because the money at the beginning was not invested and just went into the system. It was thought wrongly that future people paying in would pay for those that are retired. This led to the shortfall.

    Unfortunately it appears we both won't make the most of our pensions.

    John quote was not personal and I guess that he had a similar chance of joining one of our jobs with such a great pension if he wanted to.

    I think that the police do a good job and that I would not want to do it.

    All the best, Terry

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  • Guest's Avatar
    Guest replied
    John I was a little put out by your comment about money being given to police. I am 43 years old with a 4 year old and a 6 month old and have had to retire early due to me contracting MND. In my 19 years service I contributed 11% of my salary each month, which was more than that tax I paid. I transferred my previous employs pension into my police pension. Because of this I am getting and extra 18 months pension. I retire with a reduced pension because I have not done my 30 years and I believe I have contributed and earned every penny.

    Originally posted by john View Post
    Hi Pete,
    The welfare state relies on winners and losers to work and as life expectancy goes up the odds become all wrong. Unfortunately there isn't a crock of money with your name on it. What you paid in was used to pay pensioners then and the next generation has the pleasure of paying your pension. This is why pension ages are being jacked up so we can afford to keep giving the civil servants, police, doctors and politicians their pensions from ages most of us can only dream of. They will tell you they have paid for their pensions but the figures tell a different tale. Unfortunately the only people who could change this ridiculous situation are the politicians who are beneficiaries of the same largesse. Like their up and coming pay rise that we don't talk about anymore - we are all in it together just that some of us are more in it than others.
    John

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  • Guest's Avatar
    Guest replied
    Hi John,

    Thanks Im sorted with my pensions with my financial advisor. Im aware of my life expectancy. carol

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  • Guest's Avatar
    Guest replied
    Hi Carol,
    You should be offered enhanced benefits because of your illness and this certainly wants stressing when seeking quotes. Pension payouts are based on annuity rates which are based on life expectancy rules. I don't want to upset you but your life expectancy is somewhat less than the norm and consequently your pension benefits should be enhanced to reflect that.

    John

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  • Guest's Avatar
    Guest replied
    Hi Pete,
    The welfare state relies on winners and losers to work and as life expectancy goes up the odds become all wrong. Unfortunately there isn't a crock of money with your name on it. What you paid in was used to pay pensioners then and the next generation has the pleasure of paying your pension. This is why pension ages are being jacked up so we can afford to keep giving the civil servants, police, doctors and politicians their pensions from ages most of us can only dream of. They will tell you they have paid for their pensions but the figures tell a different tale. Unfortunately the only people who could change this ridiculous situation are the politicians who are beneficiaries of the same largesse. Like their up and coming pay rise that we don't talk about anymore - we are all in it together just that some of us are more in it than others.
    John

    Leave a comment:


  • Guest's Avatar
    Guest replied
    I am cashing in my pensions. These are workplace pensions that I have contributed to over my working life not state pensions. Pensions are a sellable item that can be traded. After taking financial advice the aim is to sell the pensions to the highest bidder, to the company that makes the best offer of lump sum and monthly payments. Some questions were asked about medical condition and for doctors reports, I didn't have to get a life expectancy report. Here you can trade off one company against the other. Course one will offer the minimum, another a bit more, so play them off against each other to get the best deal. Carol

    Leave a comment:

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