I was planning to take ill health retirement and was filling in the paperwork. I have recieved end of life diagnosis, do I still go for ill health retirement?
The Financial Guidance Service will not advise you on the merits of buying, selling, 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 professional adviser.
I was planning to take ill health retirement and was filling in the paperwork. I have recieved end of life diagnosis, do I still go for ill health retirement?
Thanks for your question Percivn , I’m sorry to hear about your news.
Although we can’t give advice, we may be able to offer some guidance around things to consider before making a decision, such as how they’re taxed. We also have Welfare Rights advisors who can talk to you about the impact taking this pension could have on any means-tested benefits you’re claiming.
There may be other options with your pension because of your updated prognosis, but it’s difficult to say what may be available to you without knowing what type of pension you’ve paid in to. It’s good to compare all the options available to you and if you’d like to call our team for free on 0808 808 0000 (option 1, option 2, option 1), we’re open Mon-Fri 8am-6pm and may be able to give you more information over the phone.
Finally, if you find you’re not able to make a decision on your pension it may be best to seek advice from a financial advisor. There is information on finding one below:
Find a Financial Adviser by asking family and friends for a recommendation or by visiting here.
Tell the adviser what’s needed e.g., advice on retirement options due to a cancer diagnosis. The Financial Adviser should arrange a meeting to discuss these needs and do a fact-finding exercise (this is where they ask questions about finances and personal situation). Their next step is to research options and put together their recommendation.
MoneyHelper also have some useful websites and tips for choosing a Financial Advisor here.
When choosing a financial adviser; always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA).
It’s possible to check individuals and companies on the FCA register.
To speak to the FCA directly, phone 0800 111 6768 from 8am to 6pm, Monday to Friday (except public holidays), and 9am to 1pm Saturdays.
James
Financial Guide
The Financial Guidance Service will not advise you on the merits of buying, selling, 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 professional adviser
Whatever cancer throws your way, we’re right there with you.
We’re here to provide physical, financial and emotional support.
© Macmillan Cancer Support 2024 © Macmillan Cancer Support, registered charity in England and Wales (261017), Scotland (SC039907) and the Isle of Man (604). Also operating in Northern Ireland. A company limited by guarantee, registered in England and Wales company number 2400969. Isle of Man company number 4694F. Registered office: 3rd Floor, Bronze Building, The Forge, 105 Sumner Street, London, SE1 9HZ. VAT no: 668265007