Enhanced annuity and Polycythemia Vera

[lizl]

Hi,

I'm at a loss as a single mum, 58, polycythemia diagnosed over two years ago, blood platelets 1150. Only a small pot for a pension but I haven't a clue where to start looking for enhanced annuities if I choose to take one after April. Has anyone else looked into this? I'm working at the moment and I have a dependent son.

Sorry it's not the usual message but we still have to contend with it sometime and I'm trying to fathom the options out.

Lizl

[JediReject]

Hi Lizl - I can't really help with an answer except to say the Citizens Advice dug me out of a hole a few year back. but I can empathize with all the worry around the financial side of living with an MPN. . It sure aint easy any which way, , reduced hours, having to stop work, or taking time off due to ill health. It doesn't let up and if you're unfortunate enough to have to live off handouts I feel for you.

I find myself sometimes wishing I was 15 yrs older - 49 is a good age - so I didnt need to worry as much over my finances.

Best of luck to you. JR x

[lizl in reply to JediReject]

Thank you for your reply, it's never easy, best of luck to you as well.

[jane13]

hi i got an enhanced annuity due to pv some 3 yrs ago. i think any registered financial advisor can get quotes for u - find one on line or maybe via your employers pension scheme (that's what i did). or you can find online websites that will give u a quote direct. the fee for the financial advisor i used came from my annuity provider so "free" to me. got my annuity from MGM and was 10-20% higher due to pv. just get lots ( min 3) of quotes!! good luck Jane

[lizzziep]

Have a look on Martin Lewis' Moneysaving Expert website, and put the question on there. There are some savvy people who know quite a lot about financial stuff on there. Also recommend Citizens Advice. Best of Luck

[Michael56]

Hi lizl

Don't jump in for the annuity but consider taking the "pot" in total under the new pension laws, if you work things right, you get your full tax allowance if your not working of £10k plus 25% tax free, you don't have to take the lot in one go now either, speak to a FA for your options.

Mick x

[Sherry2 in reply to Michael56]

I agree with Mick.

There have been many major changes in pension laws this year.

So do some homework as annuity are no longer the only option

Martin Lewis site is also brill.

Take care

Sherry

[piggie50]

Hi Lizl,

Look at pensionwise.gov.uk I have a very small pension pot and am considering doing just what Mick suggests. I am even thinking of retiring before the state retirement age - 66 for me, I'm 61 now and using some of the drawdown of my pension pot before I receive the state pension. Luckily I also have a small widows pension to fall back on. The amount you would get from an annuity even enhanced could still be quite minimal depending on your pot.

Judy x

[lizl]

Thank you to everyone for their replies, I plan to look at all the options and follow your advice as well.

[chalet1]

Hi Lizl I am retiring in September and have PV i am getting some quotes from a company called Portal Pension Advice ,no charge unless you take their advice, have asked for an enhanced annuity quote , maybe worth contacting. Good luck to you.