"What happens to my pension savings if I’m suffering from ill health?"

You can normally access your pension savings earlier than age 55 (age 57 in 2028) due to ill health.

If you’re suffering from serious ill health (a life expectancy of less than 12 months), it may be possible to receive your entire pension savings as a lump sum. If you’re under 75, you may be able to take all your pension savings tax free. If you’re over 75, you would be taxed at the highest marginal rate you pay.  

We’ll need medical evidence of your ill health before we can pay out a lump sum/pay benefits earlier. If you’d like more information, you can contact us.