Pensions uugghhh!

[Alllovedisney]

Originally Posted by Pumba75

OP, from what you've said, the pension you have sounds like it might be a Defined Benefit scheme - that being the case, a lot of the points made in this thread will be irrelevant.

Pensionwise may be able to offer some guidance, but are set up mainly to outline options in relation to the "pension freedom" rules, which don't apply to a DB scheme.
re.

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If DB contact The Pension Advisory Service rather than Pensionwise. Again it’s free and impartial.

[disney332]

Originally Posted by ansi41

Not at all, I've checked and definitely I can take this at 50 and I have it in black and white from my pension company.I think it was one of the "old fashioned" decent pensions and it was all to do with major redundancy package that we received that was agreed with the union at the time.
I will not be taking my whole pension pot, that I see is becoming more common these days, this is just a pension that is being taken early, if that makes sense

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Legislation will over ride pension rules in my opinion.

If not you will be definitely limited to taking the benefits from the existing pension provider, as transfers will not be possible.
Disney332

[Cannavar]

I cannot stress enough not to take pension advice from a Disney forum A lot on here will know their stuff, I like to think I am one of those. But you dont know how good my advice will be and I know nothing about you or your circumstances. There are general "good advice" that can be given but there are always outliers for who that would be bad advice.

Either educate yourself and ensure you are 100% happy you know the rules and whats best for you...or speak to someone qualified.

Good luck with it, it can be a minefield

[megaflyer]

Originally Posted by ansi41

Not at all, I've checked and definitely I can take this at 50 and I have it in black and white from my pension company.I think it was one of the "old fashioned" decent pensions and it was all to do with major redundancy package that we received that was agreed with the union at the time.
I will not be taking my whole pension pot, that I see is becoming more common these days, this is just a pension that is being taken early, if that makes sense

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Yes I can take my pension and lump sum at 50 too - but I didn’t as it was a reduced amount but can do so anytime from 50 to 60 when it reaches max - it’s quiet common and I know plenty that will draw at 50 then take a part time job to supplement for a few years

[WhereIBelong]

Originally Posted by megaflyer

Yes I can take my pension and lump sum at 50 too - but I didn’t as it was a reduced amount but can do so anytime from 50 to 60 when it reaches max - it’s quiet common and I know plenty that will draw at 50 then take a part time job to supplement for a few years

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I could have taken mine from 50 too - I took it at 55 as the reduction (23%) was such that I have enough to live on with a small part time job - at 50 the amount was just too little. More important now with the proposals for retirement age increases.

[paw]

My DH wanted to retire early, he could go at 60 but stayed until 63. It was a final salary pension and he could take a most, but not all as a lump sum. We worked out how much we would need to live on - I also had a good pension - and wanted to to only take out a lump sum that allowed that pension income. The pension company wouldn’t do that. They would give a forecast every three months so for a couple of years we got a forecast and filled in a spreadsheet with the results. In the end he took an early pension with redundancy so the lump sum was massively increased and we were ‘given’ a financial adviser. He was most surprised that my spreadsheet was only 99p a month out.

[ansi41]

Thank you so much to all of you that have replied. Yes it's certainly a minefield and now I have more things to think about but one thing I know for sure, is to get some advice. Later this week I have a spare afternoon so I think I'll tackle it then. I have noted down the points raised on here so hopefully I will have things a bit clearer in my head.
Thanks again, Andrea x