Final Salary Pension Early Retirement || Ill Health Pension Lump Sum (Pension Terminal Illness)

by | Sep 13, 2022 | Retirement Pension

Final Salary Pension Early Retirement || Ill Health Pension Lump Sum (Pension Terminal Illness)




Final Salary Pension Early Retirement || Ill Health Pension Lump Sum (Pension Terminal Illness)

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Final Salary Pension early retirement is a benefit given to Final Salary Pension holders who are unable to work until they reach their retirement age. Whether you hold Final Salary Pension or Defined Contribution Pension in the UK, the law requires you to reach the minimum retirement age of 57 years before you can access your Final Salary Pension benefits. However, what if you are suffering from ill-health or serious ill-health? Particularly, if you are suffering it before you reach your retirement age? You can access the Final Salary Pension early retirement benefit to withdraw your pension in a lump sum or drawdown.

However, there are drawbacks to this option. One of them is that you will have less benefit than you expected to have if you opt to take the Final Salary Pension early retirement. This is caused by the fact that Final Salary Pension calculator does not give you 100% of your pension value. Watch the video to understand all options available if you are thinking about early retirement due to ill-health and learn the Final Salary Pension early retirement calculator compared to other pension schemes, mainly SIPP or International SIPP. Dominic James Murray, our CEO and Independent Financial Advisor explains everything you need to know about Final Salary Pension early retirement and all options available for you.

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Ill Health Pension Lump Sum (Pension Terminal Illness)

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Final Salary Pension Early Retirement

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Key Points In This Video:

● Ill-Health & Serious Ill-Health
● What Conditions Can Be Classified As Ill-Health?
● Early Retirement Due to Ill-Health
● Final Salary Pension Early Retirement
● How to Drawdown Your Pension 100%

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Video Timestamp:
00:00 – Intro
00:23 – On What Conditions Categorized As Ill Health?
00:55 – On What Conditions Categorized As Serious Ill Health?
01:24 – What if You Suffered Ill Health or Serious Ill Health Before Reaching Minimum Retirement Age?
02:07 – Accessing Your Benefits Earlier
02:31 – How Can You Drawdown 100% of the Value of Your Pension?
03:23 – Our Experience With Clients Suffering From Ill Health and Serious Ill Health
04:32 – Outro

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References and Helpful Links:

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