I’m new to the Board😇, I have been on LTD for over two years and have been approved and receiving CCPD(clawed back of course😢). I can accept my company pension at 100% when I reach 60(currently 57). Can I take my pension without any issues? Thank you so much . BTW it’s very kind of you folks to have this for us, GOD Bless😇
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No you can’t. Many LTD benefits end when the disabled person “retires”. Taking the pension early may also reduce how much pension you get for the rest of your life. It may also end other employment benefits like extended health or stock options etc.
It may still be what you want to do but I would get legal advice from a disability lawyer before making any changes and do a full review of every work benefit you’re getting now.
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You will need to review your long term disability booklet. Go to the section on offsets. You will need to see what your policy/booklet says about offsets for pension. Like Caro says, many policies allow the LTD insurer to offset the pension payment. Or some LTD policies have a clause that lists when benefits will end… For example, it will say "when you turn age 65…and sometimes that list can include … “taking an unreduced pension.”
David Brannen
Disability Lawyer with Resolute Legal
The response posted above is based on the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with a lawyer, fully explain your situation, and allow the lawyer enough time to research the applicable law and facts required to give an adequate opinion. The basic information provided above is intended as a public service only, a full one-on-one discussion with a lawyer should be done before taking any any action. The information posted on this forum is available to the viewing public and is not intended to create a lawyer client relationship with any person. If you want one-on-one advice, please click here to request a free consultation or call toll free 1-800-480-9050 to speak with a member with our disability claim support team.
My booklet says this is the offset about pensions:
under a retirement or pension plan funded in whole or in part by the employer, as a result of your disability or a medical condition.
Why don’t they use simple language?
It was not funded in any way related to my disability and I’m not withdrawing from it before 65 anyways.