sizable pension that can withdrawn due to invalidity

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paddyjnr

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I am am a 47 year old man and have recently been told I can draw down my old age private pension due to invalidity pension.
I am in the middle of the repossession of a house which is negativity equity.
My problem is if i draw it down can the banks touch my pension.
I could really do with the the money now as i am about to become penniless and wont be able to afford my rent. Also will I lose a sizable about for drawing it down due to ill health
Thank you
 
paddyjnr,

{Middle of repossession}
If that means you can walk away from negative equity ,that seems ok.
If not please get advice.
{can Bank touch your pension}
It sounds like you will in any event have little nuff to live on so I do not see Bank chasing any pension or pension income.
{ lose a sizable amount for drawing down}
You will not lose one penny , but since you are taking a pension at the young age of 47 , your monthly pension will be a lot less than if you take a pension @ 67, due simply to old -age.

You need advice on pension , can you talk to provider etc.
You need advice on reposssion, can you talk to some one who can help?
 
I signed a waiver allowing me to withdraw the whole lot in one go. The rest of the last got 3,000 only allow them to withdraw weekly, was that a wise thing to do???
Thank you.
 
I recently got legally sepparated, will my ex wilfe get my pension if i die and not make a will.???
 
paddyjnr,
Not sure how much your signed {waiver} means you will get? Could have tax implications.
I presume the total sum is quite small ,so was not worth keeping as a pension payment.

If legally separated , does that not mean shes still wife and therefore gets part of funds should you die?

There are some good pension posters on AAM , so if you give more info they will comment.
 
paddyjnr said:
And when one does this can one ever work again shoul he recover////
Click to expand...

No problem,

At the stage of drawing pension you were pensioned off due to invalidity.
If you get well, of course you can work again.

Just because you (draw) a pension does not mean you cannot take a new job.
eg , Guards some take on new jobs on retirement.
 
If you draw down early .
1. Your pension has to last a longer time so will be less.
2. Your pension will be taxed as income (if within tax net)
3. Hard to think long term , but you want to try to keep pension as a be (good) to yourself when older.
 
Thank You Gerry, I was in Hospital for a little while, just reading back on my posts and I think I'll hold out for another while as I was angry and frustrated at the time....
 
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