Take Pension Now or in 2 years - 7 years?

100949football

Really a "post" on behalf of my wife.
After 19 years service with the BBC my wife took redundancy 11 years ago. She had been in BBC Pension fund for her time in service. My wife is 53 and has been told she can take a modest pension NOW from the BBC or a Lump Sum NOW and a reduced pension - wait until she is 55 for (hopefully) increased figures - or wait until she is 60 again for (hopefully) increased figures again.
We currently have a small business and, although a pension to her now would be beneficial to our finances, we both take a relatively "modest" salary each.

Could anyone give us some impartial advice? It would be much appreciated!:o

MikeJones_2

Hi 100949football,

I'm afraid that the information you have given in your post is too vague for any meaningful comment.

We don't know nearly anywhere near enough about your financial situation and I'd suggest that an appointment with an IFA would be very useful indeed for you both. The IFA will complete a detailed Fact-Find and make recommendations accordingly tailored to your personal circumstances.

One comment I would make, is that if you don't need the cash or pension now, why take it? Look at is as part of your wife's 'wages in retirement'.

As your wife is 53 now, her State Pension Age is either close to 65 or is her 65th birthday, at which point she will receive any State Pension(s) entitlement that she has built up.

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.