pension question

I stopped working 3 years ago, got rid of my business as well as my ex husband! lol However, I am 57 now and haven't taken my private pension and I doubt if I would be able to get anything from the government (who took 40% of my income for a very long time ..oh did I sound bitter then) My question to you guys is "can anyone give me some advice about this, what you guys did about your pension and wether or not I can get more from my private pension? I only wonder as I believe COPD is a desease which will progress and maybe its time I started to enjoy myself before I cant.

15 Replies

  • cc plenty on hear will advice you,or ask blf for info,seems most of us thought yeh we can enjoy,but then pops up lung probs,stinks,keep on doing what u want yeh,bernicexx

  • Sounds like you made the right decisions.

  • Yes Carol google pensions. You can shop around to see if you can get a better quote than your pension provider. Apparently most people do especially if you have health problems. When you reach state retirement age - probably 66 - and you live alone you will be guaranteed the minimum amount to live on - currently about 145.00 per week. If you rent you will get housing benefit up the value of a one bedroom property and you won't pay council tax. So if you haven't paid at least 30 years National Insurance stamps you will get pension credits up the minimum. However if you have private pensions or you live with someone it will be adjusted accordingly. If you go over the tax threshold (12,000?) including your pension you will end up losing pension credits and other benefits and also pay some tax. However this is being replaced by Universal Credits by 2017 and I am not sure how that will work. Google for more information on pensions etc. Hope this helps.

    Bev x

  • Hi, I have copd and my husband has ftd (a mental health illness which affects the front lobe of the brain, the one that controls behaviour). He was pensioned off from work due to this but because he has private pensions we are penalised and all other benefits are taxed 40%. It greaves me that we have worked all our lives and tried to save for old age and this happens. I would suggest you go on sickness benefit which with your condition will then put you on invalidity benefit. I am 62 and finished work at 59 due to redundancy but fortunately I received my pension at 60. In between I claimed sickness then invalidity. I now have severe copd and claim dla which helps to pay for extra help I need. The BLF will probably be able to give you advice on how to go about everything. Good luck. Susie Q xxxx

  • Seyre thank you for this advice I was going try work to fifty because of getting more from my pension but now as i can draw my pension at fifty five looking good this site brilliant for advice

  • Sorry should of wrote sixty haha

  • Hi, i had a pension that i haven' t paid into for years because i couldn't afford to.Anyway i realised that at 55 i could take a lunp sum from it, and the rest would be paid on a monthly basis.Like you said why wait! Its now that i need it.

  • HI, carolecolley

    I had to finish work early because of ill health, and I found The Pension Service (TPAS) very helpful.

    They were easy to talk to, and worked out my entitlements...I bought extra years N I payments.

    Try the Citizens Advice Bureau too.

  • Thanks for your replies. All very helpful

  • Hi Carol,

    I assume that your pension is a personal pension. If that is the case you can certainly take a lump sum roughly equal to 25% of the fund you have built up and then the remainder is used to take a pension for the rest of your life. When you do come to take a pension seek help from an Independent Financial Adviser (IFA) and try to get one who is a specialist in Annuities for impaired lives (Insurance jargon for pensions for people with a health problem).

    When I retired at 65 I had recently had a heart bypass and was diagnosed with moderate level COPD and when I cashed in my pension I nearly tripled the pension I would have got if I had been healthy.

    Another option is to gradually draw down cash from your pension fund and again you will need to get advice from an IFA.

    If you do want to find and Independent Financial Adviser the just google it and you will find some listed in your local area. When you speak to one, ask them if they deal in pensions for people with a medical problem

    By the way I used to be a Independent Financial until the late Nineties, but I am probably out of date these days. Good Luck.


  • Hi David, thank you for your rely. Prior to being diagnosed with copd, I was looking onto my pension and was thinking about taking out the 25% to add to some savings and buy a property to rent but now I don't know what to do! Somehow I have lost my mojo!! I will have to look into out again. There are so many different annuities and variations and I suppose I will have to make a decision!

  • Hi Carol,

    I always used to advise people to take the 25% lump sum because then it is yours and you can invest it for additional income (bank deposits are poor at the moment). Buying a property to rent out could be a good investment. The drawdown arrangements on pension funds are worth looking at with a financial adviser. The best thing to do is think what you want out of your income (rising, fixed, paid monthly, yearly, when to start). The younger you start the less pension you get per £1000 you pay and being a woman doesn't help since you live longer (on average) than men


  • Just did a long reply and then pressed the wrong button. I really do appreciate your above.I am a great believer in trusting when money isn't a motive.I think I have been in sales too long! Lol can I chat again to you about this? O could really do with someone who I can discuss the different permutations!

  • Hi Carol,

    Glad to help, but please be aware I am no longer authorised and its fifteen years since I operated in the Financial Services industry. Just another thought, a very good web site is the Martin Lewis site

    There is a help forum under Insurance/Life insurance. Well worth a visit



  • Hi David,

    yes I understand that its been some years since you were an IFA but it does help to talk to someone who has some knowledge. I have been looking at a fixed term annuity because of this copd. I thought that if, after the fixed term which I believe is 5/6 years, I am in a worse position, I might get a better deal when I come to buy a new annuity? My husband would get 50% of my pension should I die but as he has a reasonable pension himself I thought that we would get the most of the benefit while I am still relatively mobile. If I go for that pension, would I have to use a financial advisor, couldn't I just go to the different insurance companies and ask for quotes, like Aviva or Prudentia? Or all of the top 10!! I do appreciate you letting me sound off my ideas. I have been vry rude though as I haven't even asked about you. I hope you are ok.

    Regards Carol

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