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Pension switch after plan wind up & Illness

  • 06-11-2007 9:36am
    #1
    SusieTwo
    Closed Accounts Posts: 2 ✭


    Hi,

    I am looking for advice on the following:

    I am 38 yrs old with almost 10K (4.5 me, 5.4 employer) from a former employer pension plan that has wound up and I have to decide what to do with it. My problem is that I have not been working for the past 2 years due to cancer treatment which is ongoing. I do not know at the moment when or if I will be able to return to work. My current income is very low - only Invalidity Pension - and I am in need of cash flow. I would love to somehow get some of this pension fund. Is this possible? If so, how much am I likely to loose?

    Thanks.


Comments

  • #2
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Firstly, I'm really sorry to hear about your medical plight.

    You should get professional advice on this matter, but in general pension funds should be left to grow to maturity if possible. Early encashment, when allowed, and merging of funds quite often lead to hefty fees, especially in the former. You could lose the employer's contribution to the fund in the worst scenario!

    This could be a bit immaterial if you are not allowed to access the funds early, however, some pension schemes do allow for early medical retirement. You will need to check this with the trustees (managers) of the scheme.


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