Taking my pension what options are available to me at 55?

[stevepostman]

Just wondering want options are available to me at 55 regarding my pension.

[RobertT]

Assuming you’re still working for RM and not already left, you can:

Continue as you are and build up more pension.
Take flexible retirement and take your actuarially reduced pension but carry on working.
Take your actuarially reduced pension and leave the business.

[stevepostman]

If i take the third option can i recieve a smaller lump sum or no lump sum and take a better pension.

[RobertT]

Yes.

[robbertwhitton]

Yep been crunching some numbers overthis as well, 55 next aug and would have done 35 years,anticipate to get 66k at 60 would love to take a reduction and go at 55,if its do able. Have a few partbtime jobs to tick over any thoughts?

[robbertwhitton]

The pension guys cant give a real figure until 4 months before i am 55 ?? Re lump sum

[arnold cheshire]

Yep been crunching some numbers overthis as well, 55 next aug and would have done 35 years,anticipate to get 66k at 60 would love to take a reduction and go at 55,if its do able. Have a few partbtime jobs to tick over any thoughts?

66k wow

[pj2001]

Yep been crunching some numbers overthis as well, 55 next aug and would have done 35 years,anticipate to get 66k at 60 would love to take a reduction and go at 55,if its do able. Have a few partbtime jobs to tick over any thoughts?

Are you sure, seems a lot to me.

[baldrick]

Yep been crunching some numbers overthis as well, 55 next aug and would have done 35 years,anticipate to get 66k at 60 would love to take a reduction and go at 55,if its do able. Have a few partbtime jobs to tick over any thoughts?

Are you sure, seems a lot to me.

Seems a lot to me too. I would have thought a pension of about £11-12kpa and a standard lump sum of 3x that, ie £33-36k would be more realistic. And you would lose about 25% of that if you decided to take it at 55, without EVR.