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Early Retirement Through Illness

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    Early Retirement Through Illness

    After many months of working from home, it is apparent that I could no longer do my job back at work.
    My supervisor has tried her best to give me work at home on the computer, but my job was as a Technician at a University, preparing medical equipment, manikins and repairs/maintenance of teaching aids.
    I have therefore requested early retirement through illness.
    Has anyone else done this before, and if so, what should I look out for?
    Thanking you in advance.

    Dave
    Diagnosed 2nd Jan 2020
    Both arms/shoulders affected, left worse than right.
    Progressive Muscular Atrophy suspected

    #2
    Hi Dave,

    I hope you can enjoy retirement although in this strange new situation it’s difficult to keep occupied.

    See if your employer has a sickness scheme and since you are still technically working you should be entitled to so many months of sick pay depending on your contract.
    Check have enough National Insurance contribution as a shortfall will affect your state pension when you qualify.
    Apply for PIP which is not means tested and you should get the higher rate.
    If you decide to use the Motability Scheme be aware that the cut off age is 65.
    You can draw any pension savings at 55 but beware there are many scams around.

    I apologise if you are aware of the points I list and I am sure others will have suggestions also.

    Barry
    I’m going to do this even if it kills me!

    Comment


      #3
      Originally posted by Barry52 View Post
      Hi Dave,

      I hope you can enjoy retirement although in this strange new situation it’s difficult to keep occupied.

      See if your employer has a sickness scheme and since you are still technically working you should be entitled to so many months of sick pay depending on your contract.
      Check have enough National Insurance contribution as a shortfall will affect your state pension when you qualify.
      Apply for PIP which is not means tested and you should get the higher rate.
      If you decide to use the Motability Scheme be aware that the cut off age is 65.
      You can draw any pension savings at 55 but beware there are many scams around.

      I apologise if you are aware of the points I list and I am sure others will have suggestions also.

      Barry
      Thanks Barry,
      I was not aware of sick pay.
      I have paid enough for state pension as I am 63 yrs old now.
      PIP and motability sorted and thankful, a money saver indeed.
      Just looking to get early retirement through illness, hopefully with a private pension.
      Diagnosed 2nd Jan 2020
      Both arms/shoulders affected, left worse than right.
      Progressive Muscular Atrophy suspected

      Comment


        #4
        Hi Dave,

        In the NHS scheme, of which I was a member, you can get all of your benefits as a single lump sum, i.e. no regular pension payment. This is if you are classed as terminally ill. They also give you 2 years membership for every 3 years you might have worked up to the scheme's normal pension age. Obviously your scheme may be different, but if it's a public sector scheme it might be similar. Best of luck and don't spend it all at once.
        Each day is made easier with a bit of humour.

        Comment


          #5
          I am retired at 55 and they refused me my NI money 😠

          Comment


            #6
            Hi, my wife had to take early retirement (she has her own illness) and was able to get her work pensions paid out early, just be careful on the inland revenue side of things, you still get your normal tax allowances until retirement age, but if you claim any means tested benefits that will eat into your tax allowance.
            If you have lots of different pensions, consider drawdowns as well, you need to ask them for a pension transfer value, you may be surprised at some of the values, Again tax may be payable, and will effect things like ESA, so get the drawdowns before ESA, I’m looking to close down some of the smaller ones I have, rather have the cash now
            You are of the age to maybe have a defined benefit pension, I have one from about 30 years ago it’s pot value is over 6 figures and I only paid in for 5 years, 25% tax free, worth looking into
            S
            As long as there’s golf and beer I’m happy

            Comment


              #7
              With a ds1500 you should get the whole pot tax free. I did.

              Comment


                #8
                Just need the ds1500, I’m on 5-10 year sentence, consultant wont do it yet
                As long as there’s golf and beer I’m happy

                Comment


                  #9
                  Hi Shaun, if you are known to a hospice or palliative care team they may do you as DS1500 certificate.I just asked my GP and he said a motor neurone disease diagnosis is enough for him to agree the DS1500.Good luck.

                  Comment

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