Is it possible to get my pension paid in total?

Question

I foolishly assumed that once I hit pension age I'd have the option of taking all the money from my private pension fund rather than having a yearly or monthly amount. I've now been told I can only have so much and I shall be in dire straits as I've put a deposit on a small lodge in the country for my sister with cancer and need the cash to pay it off in it's entirety. As a nurse I don't have savings other than my state pension due to Uni fees for children etc. and can't think of a way to pay for the lodge. My sister will be heart-broken as she doesn't have that long a time-up to 2 years max. Please can anybody suggest anything I can do? Thanks, Cathy. p.s. We don't have any other relatives other than my 2 children who are still in Uni.

Answer 1

Sounds like a sob story in order to get donations.

Answer 2

OK, I'll take this question at face value.  

You obviously do not understand what the word pension means.  You really should have sorted this out when you bought it but, unless you can prove you were advised wrongly (e.g. you asked for an investment that would enable you to withdraw the fund as a lump sum) you are stuck with it.  So what are your options?

You could cancel the purchase of the lodge.  You will need to check your paperwork to see if there would be any extra charges for doing this.  It is probable that you would lose your deposit.

You could try to borrow the money to complete the purchase.  Without knowing more about your circumstances I can't comment on how easy this will be.You would need a buy to let mortgage and would have to charge your sister a commercial rent.  She should be able to get housing benefit to help with paying this.  

Do you own your own house?  Can you sell it or raise money against it?

What about your sister's circumstances.  Does she have any life insurance?  If so, then perhaps this could be assigned to cover some of the borrowing.  Sorry if that sound callous but you said she has no one else to leave it to.

Obviously you should both sell any assets you have to help raise this money.

Without more information I can go no further.

Answer 3

sorry to hear about your situation   isnt it possible to  get your sister to claim  housing benefits  due to her  illness and  get it paid to you as rent for the property. this way  it would help you pay  for the  lodge  while she is a live and then. you could either rent it out as a hoiliday  let or sell it when  anything happens to her  i  know it sounds a bit severe doing it this way  but its a thought.also   you could go to the bank and get a loan on the strength of your pension  that is paid to you monthly .as its classed as unearned income.good luck hope things work out for you

  

Answer 4

You have dug a deep hole for yourself my dear.I gather the Lodge is in your name,if you and your sister cannot manage to pay for it,i would suggest just waiting it out and letting it lapse,you will lose any money paid,but at least you will not incur any more debt,you also have a duty to yourself love.I can only suggest contacting someone like Richard Branson or MR HARRODS,they are both known to be a little soft hearted and philanthropic at times--you never know---,,,good luck.

Answer 5

Only if you were given that option in your legal documents.

State pensions are never paid in full.

Suggestion - take an xtra job and work all the hours god sends.

Tell all your kids the delemma and ask them if they would like to get a part time job to help pay for your sister's lodge.

Or are you asking strangers for a donation I wonder. That is called begging.  However I have seen begging pages posted on the web, you could try that and see if any sucker will pay you some dosh, although if your case is not genuine and you are located by the net cops this is likely to be viewed as an illegal activity.