Invalidity and work pension

K

KOW

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I was on illness benefit for 18 months before applying for and been put on invalidity pension by Dept. of Social Welfare. I have been paying into the income continuance scheme more or less since I started in the job in the year 2000.

So between my income continuance and my Invalidity pension I receive 75% of my pre-accident salary. My pension is also topped up by approx. 11% of my pre-injury salary. My understanding is that this will continue until I reach 60.

I will be out of work 2 yrs nest January. To date I would have 15 yrs service with my employer. I still am required to send in medical certs to my employer as my illness is due to accident in workplace.

I am 52.5 yrs of age and normal retirement age in scheme is 65. I do not see myself returning to my job again. In fact my consultants have told me I will be unable to return to my job.

I can live on my current income once I behave. Have substantial savings and emergency fund in place. We/I do not have any debts and my wife still works.
My wife will be retiring in five years time age 60 with clerical officer full pension.

My current pension fund has a little over 200k in it.
I am inclined to let it build.

Due to the fact that I am unlikely to resume work advise and options in relation to my pension and draw down/options of same would be welcome.
Cheers
 
If you can live on current income(s) , I think, like you, the k200 should not be touched since it grows free of taxes (excepting a bit of government thievery that is stopping).
................
You have plenty of options , since most occupational pensions can on illness/disability be drawn on from 50.
Though unless you have plenty of other funds it is normally better to hold off drawing on your k200 until need be.

Might be a good time to find a competent advisor .
 
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