I'm 56 with incurable metastatic cancer.
My work pension provider has sent me the forms for prognosis of less than 12 months, to access my pension on ‘special terms’ as a lump sum that won’t be taxed.
I’m thinking of doing that. I also have a private pension, in the unlikely circumstances I needed more income, later.
But would it be better for my beneficiaries, my husband, to leave the pension where it is? I can convert it to draw down. Would money I don’t use in draw down be exempt from tax, through my estate? My husband is nominated beneficiary of my pension.