Pension

[Postmangit]

Being a rather long server 32+ years & being 60 in 2 years, does my lump sum increase any through interest if I leave it until then, or will it be near enough the same if I took it now ? Cheers

[max49]

If you take your 1st pension before you are 60 years old you will loose 5% for each year prior to 60 , therefore if you took it at 58 years old you would loose a total of 10%. The same applies to the second pension we have which is due to be paid when you are 65 years old, again a 5% deduction for each year prior to 65, which would mean if you took that one at 58 years old you would loose 35%. I hope this helps, it may be a good idea to re-post your question on the pension section of the chat as there are some very helpful members that participate in that strand.

[97gaz]

Going off what people in my office got compared to service, I would have thought your lump would be somewhere in the region of £35k. So if you took it now you'd probably lose 10% of that.

[Postmangit]

Being a rather long server 32+ years & being 60 in 2 years, does my lump sum increase any through interest if I leave it until then, or will it be near enough the same if I took it now ? Cheers

[heapsy]

Reduced by about 10% for early payment, pension and lump sum. Depends on needs, but I'm not taking any of mine early. I've got 33 years in and I'm only just 54. I'll take them when they are due. No point in a permanent reduction and paying more tax than I need to. I've also got a private pension, so want to avoid tax for as long as I can.