Pensions - RA

which.co.uk/money/pensions-...

I have received a letter about my retirement options and hadn't realised that my RA diagnosis would effect it- as the link above suggest. Does anybody have any experience of pensions and RA? I don't know if I have to do anything now- before I retire?

16 Replies

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  • It looks like it's for private pensions not company or state pension. I was getting excited but after reading about it I bounced back to normality.

    You live and hope that you may receive some financial support when you retire.

  • I've got my state pension at 52 and I'm very happy with what I got 👍

  • I'm 56 reduced my hours after 5 months after diagnosis last year which will have an affect on my final work pension at 65.

    Can you tell me how you can apply for state pension before 66 as born in 1960 this is my retirement age now.

    Have a good day and hope your op day is quite soon x

  • I need to look into my state pension...

  • How did you apply for that, Popsmith? I was born in 1962, so I'm coming up to 55 and I had no idea it was even an option! I thought I had to wait until I’m 67 like everyone else my age.

    Ally x

  • I didn't think it was possible to get the state pension early? Yes, other pensions from work or private pensions but not the state one. Annoyed me hugely since I was in the group that had an extra few years stuck on with little notice. Otherwise I'd be getting it at the end of this week and instead have several more years to go....

    For moomin8 it may well be that an old company pension has been pushed off to a private pension company. But do check carefully as even with enhancements for ill health annuities can vary hugely. So shop around.

  • I agree my private pension came early but not the state one. I paid in to retire at 60 from 18 years old then the goal posts changed !I wonder who got my money from 60 to 64. And my birthday was on the cusp date my friend a couple of months older got hers at 62.

  • I thought you could not get state pension early?

  • Is it? Didn't know I had a private pension! Having said that, it's not a lot unfortunately lol...sorry for the disappointment 🙄

  • This enhancement refers to Private or Company Pensions...sadly not to the State Retiirement Pension.

    I you have a Life Threatening condition, you can get an enhancement based on how much it may shorten your life expectancy.

    If you have a company pension have a talk with your pensions administrator.He/she will put you in touch with the company your pension fund is administered by & they will give you all the information. If it is a Final Salry pension, it will depend on yourvoresent salary & how long you have paid into that company's pension scheme.

    If it is a Private pension, ask your Financial Advisor to get you a whole market quote for your pension, often the company who hold your pension pot will not be the company to give you the best deal . You need quotes from at least four companies.

    I had a few pension pots when I retired & there was quie a difference in the quotes I got.

    If it is a private pension & you are not sure about what you should do, do ask advice. Remember your pension has to last you for life, & as most now don't increase that much....it's a very important decision,

    Good luck!

    AC

  • It did'nt mine and I only got my first payment last week. I paid the year to make my contributions up to 30 which means I have to live three years to get my money bac.k lol

    Just sign up for the direct.gov.uk site and it'll take you through it simply and quickly. Its a faff getting the password etc and might explain why as its news to me unless its about contributions and thats HMRC not the pension service.

    I was contracted out as worked for the government so my additional pension is rather nice. Good luck in sorting yours out.

  • If you have put money into a private pension and will be buying an annuity with that pension saving, you may be eligible for a higher rate of pension from the annuity you purchase when it matures. An "impaired life annuity".

    This is because your length of life is shortened by your long-term illness and the pension provider will not have to pay out for so long.

    When I purchased an annuity at age 70, I was not regarded as significantly likely to die early by insurance companies and did not get a higher rate.

  • Thanks oldtimer- I suppose it's good news to hear that your life expectancy is 'normal' though.

  • Hi all

    I work in a life and pensions company and although not in the UK I presume rules are similar. It's only private and company pensions that you can take early due to ill health. State pension is not affected but you can usually claim disability pension or the equivalent until state retirement age.

    An annuity/pension is only one of the options available and they are not considered the best value any more as rates are low due to increased life expectancy. For early retirement due to I'll health traditionally the best option was an enhanced or impaired life annuity giving you a better rate than normal but there are products available now since 2015 in the UK I think, that allow you to invest the balance of your pension pot after taking your tax free lump sum which managed correctly could both provide an Income or access to funds periodically and leave some or if not all the capital in tact, however you do not have a guaranteed income for life this way and could run out of money. Also with annuities there are options to cover your spouse after your life.

    Company pensions differ from private in that the benefits depend on final salary and years of service where as private pensions are standard rates.

    Any pension provider be it private or company will give you free advice on how to take your retirement options and as every bodies circumstances are different advice is essential​ both for early retirement due to ill health and to make it tax efficient.

    Hope that's of some help☺

  • Wow- that's great info Shazz10. Who knew that we'd have an expert in our mix- thanks. 😊

  • I got mines on medical grounds last July after 23years with local Authority, beset thing that happened

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