If you’re suffering from ill health you may be able to get more from your pension savings.
If you smoke or you’re in poor health, make sure you tell the annuity provider – you might be able to get an enhanced/impaired life annuity that gives you more income.
You may be able to access your pension savings earlier than age 55 if you’ve become physically or mentally incapable of continuing your job, and so you’ve stopped working.
As well as meeting HMRC’s rules, we’ll need a report confirming that you are medically incapable of continuing your job as result of injury, sickness, disease or disability – so please get in touch with us if you’d like to claim.
Please note, with The People’s Pension, there is an annual management charge made up of 3 elements – an annual charge of £2.50, a management charge of 0.5% of the value of your pension pot each year and a rebate on the management charge. To help you save more, this rebate is between 0.1% on savings over £3,000 and 0.3% on savings over £50,000. If you take out your money you may not receive this rebate. Find out more about our annual management charge.
If you’re aged under 75 and you’re suffering from serious ill health – with a life expectancy of less than 12 months – you may be able to get your whole pension pot, as a tax-free lump sum.
Get in touch with us to check how it works and what medical evidence you’ll need to provide.