Ill-health Pension Policy

PensionBee Ill-health Pension Policy

For a member to qualify for ill-health pension they must be unable to carry out any occupation - not just their own.

We will require a signed declaration from a Registered Medical Professional confirming that the member is, and will continue to be, unable to work due to their incapacity. We may require confirmation from either two independent Registered Medical Professionals or one Registered Medical Professional of our choosing. The ill Health form should be provided to members who enquire about receiving an ill health pension.

There is a fee of £300 + VAT for PensionBee to process and pay out a successful request for an ill Health Pension. This fee is chargeable each time we are required to fully assess a new request for ill Health Pension. The fee will not be charged should the request be unsuccessful.

We will request that the doctor confirms whether there is any available treatments for the condition(s) and if so, the likelihood of their success.

The HMRC conditions for payment of an ill-health pension is that the scheme member is, and will continue to be, incapable of continuing their/an occupation. Whilst the payment of the ill-health pension is ultimately at our discretion, we will seek guidance from the doctor as to the permanence of the condition. By way of a benchmark, we will typically only allow early payment on the grounds of ill-health if the doctor believes that any available treatment has a less than 20% chance of resolving the condition(s). We appreciate that not all Medical Professional will provide an opinion on a percentage basis and we will approach these situations on a case by case basis, requesting further information where necessary.

Any associated fees must be borne by the member either personally or from the value of their pension with us.

The member must sign a declaration confirming that they are not carrying out any work and do not expect to return to work as a result of their incapacity.

The member must be able to provide evidence that they are not in employment. This should be in the form of their last three months bank statements, their most recent P60 and/or evidence of relevant benefits being paid from the DWP.

We may require a new medical opinion and the above evidence on an annual basis where the member is taking regular benefits or as and when benefits are requested if less frequent.

We understand that other pension providers may have different requirements for ill-health conditions so customers may wish to take this into consideration when looking to take ill-health benefits.

PensionBee Serious Ill-health Lump Sum Policy:

In order for a member to qualify for a serious ill-health lump sum they must have a life expectancy of less than 12 months.

We will require a signed declaration from a Registered Medical Professional confirming that they expect the member to live for less than 12 months. We may require confirmation from either two independent Registered Medical Professionals or one Registered Medical Professional of our choosing.

Any associated fees must be borne by the member either personally or from the value of their pension with us.

The member must sign a declaration confirming that they have a life expectancy of less than 12 months and would like to take their full uncrystallised pot as a serious ill-health lump sum.

There is a fee of £300 + VAT for PensionBee to process and pay out a successful request for a Serious Ill Health Lump Sum payment. The fee will not be charged should the request be unsuccessful.

Contact

You should contact us if you have questions or need assistance:

Phone: 020 3457 8444
Email: contact@pensionbee.com

Have a question? Call our UK team 020 3457 8444

Have a question?

Call our UK team

020 3457 8444

Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm

Monday-Wednesday 9:30am-6pm
Thursday-Friday 9:30am-5pm