Pension entitlement - has anyone considered the impact of RA?
I'm not totally savvy with how pensions work but I do know they are based on probabilities and statistics, relating to life expectancies. So, as we are at greater risk of CHD, Strokes, Diabetes, lung problems...etc, should we be entitled to increased payments over a lower (on average) pensionable period?
Just a thought but interested to hear your views.
Thanks
Not sure I understand the question?
If you were taking out life insurance or converting your private pension into an annuity this would be relevant, but don't see how it would be for an individual person's normal pension?
For public sector pensions some while ago now they recalculated the way pensions were amassed as a result of people living longer. So you now get less per year of work that you did as they have to pay you for longer. I presume private sector pensions have done similar to work out what your contributions should be. It is all done at a population level, not individual.
If you convert your private pension into an annuity there is an option to declare life limiting conditions to increase payments. But I think there are many conditions to fulfil to do this.
But other than that the idea of individualised pensions doesn't seem right to me. Because the flip side of giving people with more problems bigger pensions is that you would then have to penalise people who live a healthy life? Which goes against common sense.
Anyway, with recent improvements in treatment our lifespan can be the same as anyone else's if we look after ourselves.
I echo helixhelix as not sure what is question. x
I'm probably on completely the wrong track, but if you mean the state pension, you may be entitled to pension credits, Guaranteed pension credits entitle you to extra help e.g. housing benefit. Whereas with savings credit, you wouldn't get those extras unless you also get the guarantee element too.
Illness will not affect your state pension. If you have not yet retired but are near retirement you can ask for a pension forecast on gov.uk. You can also ask for an NI statement to make sure you have paid enough years contributions to obtain the full new state pension. If already retired and on the old state pension you may be entitled to pension credit. If you are referring to private or workplace pension you need to contact your pension provider to find out what type of plan it is. If you have several private pension plans you may be better to contact Pensionwise which is a free initial service to point you in the right direction.
Many thanks for all your input. I guess having RA doesn't have any impact on any type of pension provision, is the answer.
Not with the state pension That is fixed on the contributions you have made, whether you contracted out, or if you paid into SERPS....now called SSP2
But when you are starting to decide how you are going to draw down a Private or occupational pension your annuity provider will have a health questionnaire & depending on your answers, & after consulting your medical practitioners you could possibly be entitled to an enhanced pension, if it is thought that your condition is imminently life threatening.
I don't know but I would not think RA would qualify. In my experience enhanced pensions were usually only sanctioned if you had a terminal diagnosis.
Everything would depend on the individual Pension Scheme Rules.
Right now the rules are in the process of changing about how much cash you can take from your private annuity contributions, so you would need to take up to date professional advice before you make a decision.
There is advice on line advising on the fees charged for this advice,& on making sure you use a Financial Advisors, qualified in pensions advice, not just that ' nice chap' from the pension provider.
Adverse health conditions can impact on the rate that you can get from an annuity - an impaired life amount. When I asked the broker, he could not find an annuity provider who regarded someone like me with Rheumatoid Disease as an impaired life unless I had other conditions like COPD or a previous heart attack. But if you want to buy an annuity it might be worth asking a broker to look.
That is certainly right....for any sort of annuity.....if you look on the financial pages you will see how much pay pension can be bought at 60 for say a £100k pension pot....they differ considerably. Professional advice should always be taken.
Another consideration is if you are married to a partner considerably younger there is often a clause reducing the spouse pension by a % depending on the age difference.
It might also be useful to know you don't have to buy your annuity from the company administering the fund.....you should have an advisor search the open market for the best deal for your individual circumstances.
Hi
In short, based on my experience, the answer is no. Level of and entitlement to state pension does not depend on whether or not you have a long term condition such as RA. You get what you are entitled to at the age you can start to claim (that depends on when you were born). If you defer your pension, i.e. don't claim it when you are entitled to, it increases year on year and when you do start claiming it, you may be entitled to a higher standard weekly rate due to the deferment or you may be offered a lump sum and then you get the standard weekly rate. Other state benefits take into account your ability to care for yourself due to your condition, such as PIP, Carer's Allowance, Housing Benefit etc. etc. NRAS provide a booklet on benefits and PIP which you can either download from the website nras.org.uk/publications, or call us and we'll send you hard copies.
Best wishes
Ailsa
Hi again,
Some really useful information here, from everyone.
Many thanks - it's very welcome and much clearer to me now.
L
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