County Council work's Pension enquiries

tommysaidtug

My works pension runs for ten years, In april there are new pension
rules applying, will it be possible to withdraw the rest of my pension
as a lump sum

dunstonh

will it be possible to withdraw the rest of my pension

No. Its a pension not a savings account.

Only when you get into the retirement age range do options then start to apply to you (55+)

ajt121

I also have a local government pension which was frozen when I left 9 years ago. My pension is payable when I am 60 (3 year's time). I only work part-time due to health issues and am starting to use up my savings to live on. My question is, which option is best -
a) continue to use my savings (at the moment in an ISA paying 2.75%) or
b) apply to my previous employer to draw down some of my pension pot?
thanks

molerat

You do not have a "pension pot" nor is it frozen, you have a deferred final salary pension increasing each year with inflation. You can not draw down some of the pension. You can start taking the pension after 55 with a reduction at the discretion of your former employer, there may be some reduced reduction if in serious ill health. You need to look at your scheme information or contact them for the details.