Hi mate. I hope you don't mind me taking a few moments of your time.
I have a defined benefit pension scheme which had a CETV value of £475k in January. I can draw the pension from 50 with an actuarial reduction of just 3%.
Im 49 next birthday, divorced, with a 19 year old son.
I'm also expecting some bad news on the health front that would leave me with a life expectancy of 5-10 years.b it's unlikely I'd get enhanced early retirement as I'd be expected to be healthy during most of that time.
My plan is to see a suitable IFA, present evidence of life expectancy and convert the pot to a SIPP that I could tap into from age 55 and also leave to my son if I don't make it that far. I'd have enough set aside to live off until then if, as expected, I'm made redundant next year.
What documentary evidence would the IFA need to see to sign off on this plan?
(I won't ask your for advice!)