My husband has advanced prostate cancer which has now spread to liver, terminal diagnosis. He has 2 private pensions as was self employed, he has not paid into either for 10 years. Question is do we take the lump sum out now on each pension or leave till he passes, unclear on tax we have to pay etc.
Hi And2343
My name’s Vicky and I’m a Support Advisor here at Macmillan. I’m so very sorry to hear of your husband’s diagnosis, I can only imagine what you’re both going through right now. I just want to remind you that we’re here on the Support Line (0808 808 0000), every single day, from 8am to 8pm, it you need any support or even just someone to talk to about how you’re feeling, please reach out anytime.
Regarding your husband’s pensions, this is such a specialised area that we’re not really qualified to give any personal advice unfortunately. I would suggest that you get in touch with Pension Wise through the Money Helper website, they have a helpline that you can access by phone or webchat where they can look at your individual situation and give you the proper advice that you need.
We do have a booklet on Planning and managing your finances that has a section on pensions that might be helpful, I’ve included a direct link to it here, you can open the pdf version or you can also order a copy if you prefer.
I’m so sorry that I can’t provide a more direct answer to your question And2343 however I hope that the information provided will enable you to get the advice that you need. As I mentioned earlier, if there’s anything else that we can do to support you please do reach out.
Kindest regards,
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.
