Early retirement drawdown query
- Thread starter Miracle Girl
- Start date
Thanks Liam.
I edited my last post. She was over 60 when she took her PRSA benefits.
Miracle Girl
Registered User
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- 41
I have an update. I did recieve a response from my employer and a response via my company pension helpline email.
I still do not have absolute clarity on my options
My employer did seem to think that my query should be directed to the pension company and seemed surprised that they were not clear with my options.
I did recieve a further more detailed response from the pension company via their helpline email and I have attached a screenshot.
I do have a mild chronic illness however I do intend to be self employed ( at my own pace)when I leave work. My intention with arf drawdown is more to ensure the basic bills are paid and to pay prsi for state pension whilst I focus on my small business.
I note in the response from my company pension it is looking for a letter from a medical professional that early drawdown is based on being unable to work... would that include being self employed?
I note LD Ferguson said something similar in an earlier post about declaring being unable to work if retiring early.
I know I could get such a letter from my gp/ consultant with what I have been dealing with for the last few years, but I would prefer the freedom of not having too do this.
The whole point of retiring early ( in my view) IS having the freedom with a little Financial security to do what I want.
I did root out an old brochure and it does say permission required from employer/ trustee if I wish to retire early..i have attached the clause.
It appears that I dont need permission from anyone if I choose to retire at 60, but between now and the I may need something.
Still a bit unclear. I do wish to resign very soon, I just wish I had absolute clarity on my options..even if it was nay you cannot claim benefits until 60 unless ill health... not what I want to hear, but clear as crystal.
I may need a financial particularly pension advisor to help me with this. I will need help withdrawing my benefits at some stage. ie set up arf etc. I understand the company pension provider I am with does provide that, however I would be very reluctant to use them as they cannot answer my query in a straightforward fashion and it has taken phonecalls and a couple of emails to get a response that is STILL not crystal clear.
Attachments:
a recent response from helpline
Clause in the brochure
I still do not have absolute clarity on my options
My employer did seem to think that my query should be directed to the pension company and seemed surprised that they were not clear with my options.
I did recieve a further more detailed response from the pension company via their helpline email and I have attached a screenshot.
I do have a mild chronic illness however I do intend to be self employed ( at my own pace)when I leave work. My intention with arf drawdown is more to ensure the basic bills are paid and to pay prsi for state pension whilst I focus on my small business.
I note in the response from my company pension it is looking for a letter from a medical professional that early drawdown is based on being unable to work... would that include being self employed?
I note LD Ferguson said something similar in an earlier post about declaring being unable to work if retiring early.
I know I could get such a letter from my gp/ consultant with what I have been dealing with for the last few years, but I would prefer the freedom of not having too do this.
The whole point of retiring early ( in my view) IS having the freedom with a little Financial security to do what I want.
I did root out an old brochure and it does say permission required from employer/ trustee if I wish to retire early..i have attached the clause.
It appears that I dont need permission from anyone if I choose to retire at 60, but between now and the I may need something.
Still a bit unclear. I do wish to resign very soon, I just wish I had absolute clarity on my options..even if it was nay you cannot claim benefits until 60 unless ill health... not what I want to hear, but clear as crystal.
I may need a financial particularly pension advisor to help me with this. I will need help withdrawing my benefits at some stage. ie set up arf etc. I understand the company pension provider I am with does provide that, however I would be very reluctant to use them as they cannot answer my query in a straightforward fashion and it has taken phonecalls and a couple of emails to get a response that is STILL not crystal clear.
Attachments:
a recent response from helpline
Clause in the brochure
Attachments
Last edited:
LDFerguson
Registered User
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- 4,856
I think you're getting unclear advice from the people who should be advising you. There are two distinct types of early retirement.
- Early retirement due to ill-health. This one requires the doctor's certs etc.
- Early retirement because you're over 50 and want to retire early. Your state of health is irrelevant to this one. You can go back to work or be self-employed afterwards. You need the approval of the trustees but as mentioned earlier, as it's a Defined Contribution pension scheme, this should be a formality.
Last edited: