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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To stop paying into a pension

15 replies

Friday123 · 12/12/2022 05:29

I work for the NHS so have one of the better pensions but can't access it until the general retirement age (currently 68 for me, but who knows if that will change). I have no partner or children so my pension won't be passed onto a dependent because I don't have any (I have an issue with this generally because why should a partner with no kids get a pension when I can't nominate someone? but I digress...)

I have bipolar affective disorder and life expectancy for people with this condition is decreased, to the point I may well be dead before I retire. I'm also concerned I'll have another serious episode and will kill myself so why am I paying 10% of my income for a future maybe benefit? It feels like gambling.

Would it make more sense to overpay my mortgage because then someone will actually get my money if I die young?

OP posts:
Blowyourowntrumpet · 12/12/2022 05:35

I think you need to put aside all thoughts of who would benefit if you die. A pension is ultimately for you and your retirement, not for anybody else.

My view is that you should only stop paying into a pension if you have so much money that you won't need one.

Morph22010 · 12/12/2022 05:35

You’ll lose the employer contribution as well though if you stop paying pension. What if you live to be 100? If you’ve got no dependents I think you need to think more about yourself than what you are passing on. The consequences for you in old age if you do live of having the pension v not having the pension

Iamthewombat · 12/12/2022 05:37

Keep paying in. I’m sorry that you are having a difficult time at the moment. Life will get better.

ChessieFL · 12/12/2022 05:54

You can still nominate someone for the lump sum death grant - that can go to anyone. It’s just the ongoing survivor pensions that won’t be payable if you don’t have a partner or children. And you never know what might happen - you might meet a partner in future and then they would qualify.

Anyway, you should stay in because you don’t know for sure what will happen and you will need that money in retirement. You can retire earlier and take it at a reduced rate - you don’t have to wait until 68 to claim it.

sashh · 12/12/2022 05:56

Keep paying into the pension.

One thing with an NHS pension is that you can access it if you have to leave for medical reasons.

What you get depends on the scheme.

4yearsandwaiting · 12/12/2022 06:02

I started claiming an ill health nhs pension before I hit 40. I didn't know when I took out the pension that I'd end up using it so early. Unfortunately bad things happen. I'm so glad I have a pension to fall back on. Please don't just think pensions are for later on in life, you don't know what's around the corner.

Happylittlehamster · 12/12/2022 06:07

I would talk to a financial advisor about what you’d like to do. I’m really glad I did. You can often get a free first hour and that might be all you need.

CheapWine · 12/12/2022 06:11

My grandma was bipolar, to the point she was institutionalised several times in the 50s, she also ended up with dementia. She lived until 83.

please do not stop paying into an NHS pension.

Original poster
Friday123 · 12/12/2022 18:43

Happylittlehamster · 12/12/2022 06:07

I would talk to a financial advisor about what you’d like to do. I’m really glad I did. You can often get a free first hour and that might be all you need.

Thanks. This sounds like a good idea. Where do you find a reputable financial advisor?

OP posts:
Original poster
Friday123 · 12/12/2022 18:50

Iamthewombat · 12/12/2022 05:37

Keep paying in. I’m sorry that you are having a difficult time at the moment. Life will get better.

Thank you. Things have improved for me over the past 20 years, but it's exhausting and the prospect of many more years of this gets me down

OP posts:
Original poster
Friday123 · 12/12/2022 18:54

@sashh and @4yearsandwaiting thanks for mentioning ill health retirement. That's something I hadn't considered, and something that could well be relevant in future

@ChessieFL I wasn't aware you could retire early at a reduced rate in the 2015 scheme, but I just checked and you can so thanks for pointing this out.

OP posts:
Abitofalark · 12/12/2022 19:10

Yes, you may well be eligible for medical early retirement, with your present health condition . Depends on the terms and conditions of the scheme of course.

Do keep paying into the pension while you explore the possibilities. It's always a gamble on life, when paying into a pension. At least with the potential for early medical retirement you don't have to think it's all such a long way to 68 before you can hope to have any rest or respite.
Also can you look into getting any further treatment or better help to cope with the exhaustion and the effects?

AnneElliott · 12/12/2022 19:20

I don't know about the NHS pension but in the civil service one if you're single when you retire (and therefore won't need a spouse pension) you get a higher monthly payment. My single friend has just retired and got a higher rate on that basis. Might be worth checking if that applies to you too.

sashh · 13/12/2022 09:56

OP
I had a bit of a fight so I didn't get my pension when I had to stop working for the NHS, but 10 years later and I still wasn't working I tried again and not only did I get it but they back dated it.

So I retired in my 30s.

Original poster
Friday123 · 13/12/2022 11:19

@sashh sorry to hear your health has meant you haven't been able to work since your 30s. I hope retirement has made your health condition a bit more manage

OP posts:
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