Early pension access for health reasons.... non starter!

[Bonefish Blues]

25% of the pension pot is tax free, period, however you may be able to take more than 25% and not pay tax if you're below threshold. Tax planning ftw

However, if you do start biting into the 75%, your ability to put further funds into your pension pot, with the attendant advantages, may become increasingly limited.

Tax planning ftw 2

 

[simon the viking]

Just to be clear, I'm not planning on frittering it away before I retire but the main piece of planning is to mortgage free (and to have a wife 10 years younger so shes retiring way after me.....

 

[midlife]

25% of the pension pot is tax free, period, however you may be able to take more than 25% and not pay tax if you're below threshold. Tax planning ftw

The OP is saying he can take 100% of his pension pot on the grounds of I'll health

 

[jowwy]

No but they shouted and screamed in the face of what the government jokingly called key workers (aka Minimum wage covid fodder workers) because we hadn't got grey fence paint so they could do their garden whilst they were being paid 80% of their salary for 3 months because it was to dangerous for them to go to work but not shop apparently. But thats for a whole new thread and wiil probably get this one locked.

If you aint worked in retail you don't know entitled... retail is where the 'I want to speak to the manager - Karen' phrase came from

All i was getting at in the first post is the pension access is Black and white no appeal system at all and if i was unhealthy I could access the lot take early retirement and get benefits...

Wow what a thread to start as my first in over six months lol

This about you trying to play the pensions sytem. Nothing to do with covid, key workers or the nhs……your not happy cause your not allowed to break pensions rules to fund a 3rd bike and want to moan about it and get some sort of sympathy for it…..not gonna wash im afraid.

 

[jowwy]

The OP is saying he can take 100% of his pension pot on the grounds of I'll health

Although he has stated, hes not that ill…….just saying he would be IF he didnt ride his bike. But hes already got 2 and doesnt want to ride them.

 

[simon the viking]

Although he has stated, hes not that ill…….just saying he would be IF he didnt ride his bike. But hes already got 2 and doesnt want to ride them.

That's the irony if I hadn't turned my health around (a bit not totally still T2 just well under control) I could access my pension 100% AND be a massive burden on the NHS....

I do ride the propel but the chain is 30 quid and the cassette 70.... and Iwant to get maximum life out of it but it is used as commuter most of the time just not in wet weather... The MTB is a bit of slog at 7.00 am in the wet, so wanted a lighter gravel bike with 9 speed cheaper components. I would therefore commute more than my usual 3 or so days a week in winter to 5 like in summer. believe me I do ride a bike as I cant afford to take the car more than a day or 2

I was to trying to access my own money (with a little tax relief) for genuine (if a little flippant) health reasons and got called entitled... in terms of entitlement .....I'm not second division to people I meet on daily basis Premier league! don't even go there with the guy who parks his Ferrari in the disabled bay outside the door because he doesn't want to park it in the plebs spaces....

 

[jowwy]

That's the irony if I hadn't turned my health around (a bit not totally still T2 just well under control) I could access my pension 100% AND be a massive burden on the NHS....

I was to trying to access my own money (with a little tax relief) for genuine (if a little flippant) health reasons and got called entitled... in terms of entitlement .....I'm not second division to people I meet on daily basis Premier league! don't even go there with the guy who parks his Ferrari in the disabled bay outside the door because he doesn't want to park it in the plebs spaces....

but its not yours until your 55, thats the rules……my partner who is also disabled, has to obey by the same rules, until september and shes been retired through ill health since 2009. So count yourself lucky that your still able to work.

 

[midlife]

Sometimes the 55 years old rule doesn't apply to I'll health retirement?

https://www.moneyhelper.org.uk/en/p...ases of serious ill,pension due to ill health.

 

[simon the viking]

but its not yours until your 55, thats the rules……my partner who is also disabled, has to obey by the same rules, until september and shes been retired through ill health since 2009. So count yourself lucky that your still able to work.

Sorry to hear about you partners situation, I do understand that people are worse off than me health wise but I thought you can access if retired through ill health at any age is this not true? I based my whole (possibly flawed) argument on it! however it would be a balancing act of how long it would then last I suppose

 

[jowwy]

Sometimes the 55 years old rule doesn't apply to I'll health retirement?

https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/early-retirement-because-of-illness-sickness-or-disability#:~:text=In cases of serious ill,pension due to ill health.

My partners private pension has told her 55 when we looked at getting early last year….luckily enough she is 55 in september

 

[jowwy]

Sorry to hear about you partners situation, I do understand that people are worse off than me health wise but I thought you can access if retired through ill health at any age is this not true? I based my whole (possibly flawed) argument on it! however it would be a balancing act of how long it would then last I suppose

Again…its upto the pension company, her nhs pension was 50, her private one is 55

 

[Bonefish Blues]

The OP is saying he can take 100% of his pension pot on the grounds of I'll health

I was responding to post 44

 

[simon the viking]

Again…its upto the pension company, her nhs pension was 50, her private one is 55

Sorry to hear that, I was being a little flippant with my initial post, its quite distressing that people with a real need also have the same problem... I thought it was more cut and dried if ill health retirement is required, my genuine apologies, if I have said anything to cause you distress...

 

[jowwy]

Sorry to hear that, I was being a little flippant with my initial post, its quite distressing that people with a real need also have the same problem... I thought it was more cut and dried if ill health retirement is required, my genuine apologies, if I have said anything to cause you distress...

No distress caused at all…..just highlighting our position. my partner and I, have no issues waiting til shes 55.

 

[Deleted member 35268]

It's a shame to wan't to be older more quickly in order to access what is yours. I've looked into trying to access some of my pension before 55 to pay off some debts, but it is not possible. 2 more years to go.