public service pension, advice please

skath44

i have recently been awarded half of my ex`s pension in a divorce. I am 54 and am told i can not have this pension until i am 60. Does any one know is it posible to obtain a lump sum at the age of 55? Any insight will be greatly appreciated, thanks

exil

Depends on the scheme rules. Some disallow early retirement others will pay out early in some circumstances eg ill health, but may reduce the pension accordingly - about 25% for 5 years early.

It is possible to take a transfer value and move it to a personal pension and then draw that but I've heard horror stories about this, this is what those "unlock your pension" adverts are about.

In any case the pension is in this case your OH's so I'm not sure it would be quite so simple if OH didn't want to take the pension early. Might be better if he could buy out your interest in the pension. Very complicated, would advise getting professional help.