Should i wait to take my pension?

Pikecatcher

Look guys all the stuff about job seekers allowance and redundancy is fluff. I am looking right now at a quote from the pension fund management for taking my pension early. It is a private pension which allows you to take it from 50, normal retirement age is 62. THE ONLY QUESTION IS will I get more if I wait until after my birthday is the question, and I strongly suspects that the answer is YES!

PaulCooper

---yes----

bilbo51

yes

and if you wait another year, it will be more again.

etc.

HappySeagull

bilbo51 wrote: »

yes

and if you wait another year, it will be more again.

etc.

I believe some schemes calculate age on daily basis, so you don't necessarily have to wait until another birthday for it to increase. Every day is a fraction more.

atush

It is a private pension which allows you to take it from 50, normal retirement age is 62.

The question was already answered several times as yes. but is likely to be unwise/not in your best interests in the long term. and that isn't Fluff, that is my opinion.

If you don't want opinions, don't come here.

Pikecatcher

I did not come here for advice - but for the answer to a simple question. Simples!

lamb1102

Listen, answer his question !
Stop trying to be helpful , this gentleman will not stand for it !

xylophone

simple question.

The trouble is, it might not have been a simple question - you talked of "cashing in" your pension - had you possibly been dealing with a firm trying to tell you that taking your pension early was legal and problem free? Was it such a firm that had provided the quote?

If the quote had been from the scheme administrator, had actuarial reduction been explained?

And so on......sometimes people need to hear the warning bell sound and there are times when we need saving from ourselves....;)

mgdavid

Pikecatcher wrote: »

Look guys all the stuff about job seekers allowance and redundancy is fluff. I am looking right now at a quote from the pension fund management for taking my pension early. It is a private pension which allows you to take it from 50, normal retirement age is 62. THE ONLY QUESTION IS will I get more if I wait until after my birthday is the question, and I strongly suspects that the answer is YES!

that's crystallising it, not cashing it in. Use the right words to get the right answer.

Anddid you not read the reply I gave back in post #6, especially this bit:-
'...so yes it will be beneficial to wait until another birthday has passed.'?

jamesd

Taking a pension early is fine for schemes that allow it. Whether there is a benefit for waiting depends on the specific scheme. To get the answer to your question you need to ask the scheme management because they are the people who can tell you how this particular scheme works. Normally there is a significant benefit from delaying but whether it's based on age or days and how much varies between schemes.

Some of the variation in responses you've seen has been due to asking two different questions that have different answers:

"Should i wait to take my pension?" has the answer above. You need to check the specific scheme rules.

"I am thinking of cashing in my pension early" has the answer no, unless you've been diagnosed as likely to die within a year, because the usual meaning of cashing in is taking all of the money out of the pension pot and all you've obtained is a quote for taking the pension, not for cashing it in.