Preparing for retirement

In this situation, it is advisable to discuss your financial circumstances with an independent financial adviser. You can contact an independent financial adviser through the Personal Finance Society| or IFA Promotions.

Pension

If you resigned when you were ill, or were dismissed, you will have left the company pension scheme on the day of your departure. The pensions officer of your ex-employer should give you some information about how much money is held in the scheme, and what your pension options are in the future.

If you want to take early retirement on health grounds or for personal reasons, it’s essential to take advice from your pension administrator. You may be able to take early payment of your pension on the grounds of ill health, but this will depend on the rules of your own particular pension scheme. You may have several options to consider.

Taking an occupational pension for health reasons can mean that you receive a higher amount of pension. However, if you choose to retire early but are medically fit to work, the level of your pension may be lowered. Consider your own circumstances carefully before deciding on a final settlement.

The Pension Service, part of the Department for Work and Pensions, can give you a pension forecast at any time of your working life. This will be based on your National Insurance contribution record, or that of your spouse. In order to get your pension forecast, fill in form BR19, which is available from your local social security office, or can be downloaded from www.thepensionservice.gov.uk|

Our section on work and cancer| has more detailed information about these issues, and many others.