Pension

#1
Is there any way that a pension gratuity would be allowed to be paid early due to a dependents illness? The reason i ask is that MOH has just spent time in hospital and has been diagnosed with an illness which might stop her being able to work. With a Mortgage in both our names and other things to pay it will be a struggle. However i only have 7 months to my pension date. This would go a long way to helping us out. Hope this makes sense. My family has had a lot of stress recently and if this was possible it would be a massive help. But i am not sure of all the legal stuff regarding pensions and the likes, any assistance would be greatly received.
 
#2
I've never heard if anything like that being authorised - may be worth approaching your bank with a pension asessment for either a short term loan or a request to suspend payments until you get your lump sum!

PW
 
#3
I doubt the pension will be released. Speak with your bank, explain the situation and try and arrange a payment break on your mortgage and other payments. The bank, especially in the current financial climate, should be more focussed on helping you over difficult times - its in their best interest (no pun!) to help you.
 
#4
The problem with that might be that it will effect my credit rating as i will have missed contractual payments, and i am looking at setting up as a sole trader whaen i am on my termination leave so i need a good rating to get an account with a supplier etc etc. I will have a chat with them but i doubt they will help, regardless of what the government advises them to do, as they seem to be a law unto themselves. Thanks for the advice thus far.
 

oldbaldy

LE
Moderator
#5
Which pension is this?
Are you still serving & due to retire in 7 months?
If that is the case I doubt it.
As Paywog says your best bet is your bank, your only looking for a short term loan. Or speak to your mortgage provider, they may suspend payments for a few months. Remember interest will still be charged though.
 

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