sick pension guidance

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hello i want some guidance for my husband, he is prostate cancer with mets on bones and limph nodes he had one year and half sick pay from work  i want to know as he cant work anymore what is the steps he have to follow for getting sick early pension please we dont know where to apply 

  • Hello  

    Thanks for your message and sorry to hear about your husband’s situation with health and work.

     

    If your husband is state pension age (currently age 66), he could start to claim his state pension.  It is not possible to access a state pension early, so if he is under age 66, claiming now would not be possible.

     

    Occupational and private pensions can be accessed early from age 55 but often there is a reduction to the pension income as it’s being paid for longer. There are no age restrictions when accessing a pension for someone who is no longer able to work due to ill health or when there is a limited life expectancy. Ill health early retirement would need to be supported with medical evidence from the GP and specialist.

     

    It’s also important to consider whether accessing any pensions would impact on other areas of your finances, things like cover under a Death in Service scheme if retiring, or if there are other outgoings that you need to cover, such as a mortgage.

     

    We’d need a bit more information to give you the correct guidance so would like to invite you to call us on 0808 808 0000, Option 1, then 2, then 1, Monday to Friday 8am to 6pm, to discuss further. We’re also on webchat if you prefer.

     

    It would be lovely to speak to you, or your husband, so please consider giving us call.

     

    Kind regards.

     

    Julia

    Financial Guide

    Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.

     

     

    The Financial Guidance Service will not advise you on the merits of buying, selling or cancelling or making a claim on a specific financial product from any company or otherwise provide you with any regulated services . As a guidance service, we do not provide financial advice or carry on other activities that are regulated and we are not authorised or regulated by the Financial Conduct Authority. No part of our service constitutes, nor is intended to constitute, a financial promotion within the meaning of the Financial Services and Markets Act 2000 nor an invitation or inducement to engage in investment activity. 

     

    The aim of the Financial Guidance Service is to provide you with information to help you make informed decisions about your personal finances. For financial advice, including recommendations to buy, sell, cancel or make a claim on specific financial products or to obtain any other type of financial services, you should speak to a financial adviser or company who is permitted to provide you with those services. You can find a local financial advice firm or other type of firm who provides regulated services on the Financial Conduct Authority's website - https://register.fca.org.uk/directory/s/.

     

    The information that we provide you is for general guidance on your rights and responsibilities and is not legal advice. We are not liable to you for any information or services obtained by you from, or given to you by, a third party.

     

    If you need more details on your rights, please contact a financial, legal or other appropriate adviser.

  • thank you , he is age 55  and his cancer is stage 4 

  • Hello again  

    Based on what you’ve said, in theory your husband could access his pension now due to him being 55, whether on ill health grounds or as a standard early retirement.

     

    In general, if he has an occupational pension, he would need to discuss this with his employer (or former employer) to see what requirements they might have to get the ball rolling. If he has a private pension, instead you’d usually need to speak to the insurance company.

     

    Worst case scenario, if your husband dies before accessing any occupational or private pensions, there would likely be a death benefit payable to his chosen beneficiary. For this reason, it’s important to make sure he has completed an Expression of Wish Form. This tells the trustees of the scheme where any death benefits should be paid.

     

    As mentioned before, there are many things you and your husband need to consider, such as:

    • The size of the pension fund
    • Whether there is any life cover included
    • Whether he wants to leave any savings to the family or loved ones
    • How much income he needs to live on
    • His attitude to investment risk
    • Whether he has any other form of income
    • An idea of his life expectancy
    • Whether he is claiming any means tested state benefits – these may be affected depending on how he chooses to take the pension. Macmillan has a Welfare Rights Team who can give advice on this.
    • Whether the estate is subject to inheritance tax - will claiming on the pension create, or increase an Inheritance Tax liability?

     

    In light of this, I’d strongly encourage you to call us using the phone number we gave you in our previous response and we’d be happy to talk through the options.

     

    Kind regards.

     

    Julia

    Financial Guide

    Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.

     

     

    The Financial Guidance Service will not advise you on the merits of buying, selling or cancelling or making a claim on a specific financial product from any company or otherwise provide you with any regulated services . As a guidance service, we do not provide financial advice or carry on other activities that are regulated and we are not authorised or regulated by the Financial Conduct Authority. No part of our service constitutes, nor is intended to constitute, a financial promotion within the meaning of the Financial Services and Markets Act 2000 nor an invitation or inducement to engage in investment activity. 

     

    The aim of the Financial Guidance Service is to provide you with information to help you make informed decisions about your personal finances. For financial advice, including recommendations to buy, sell, cancel or make a claim on specific financial products or to obtain any other type of financial services, you should speak to a financial adviser or company who is permitted to provide you with those services. You can find a local financial advice firm or other type of firm who provides regulated services on the Financial Conduct Authority's website - https://register.fca.org.uk/directory/s/.

     

    The information that we provide you is for general guidance on your rights and responsibilities and is not legal advice. We are not liable to you for any information or services obtained by you from, or given to you by, a third party.

     

    If you need more details on your rights, please contact a financial, legal or other appropriate adviser.