Defined benefit pension vs drawdown?

LeCoop

greenglide wrote: »

But they will still have to inflation proof the post 88 GMP up to 3%, they can't get out of that.

This isn't the Digital or the HP scheme, is it?

And

"But lets look at an alternative. £20k of income is comfortable and the pension would pay 29k so that's 9k a year to invest over say 30 years"

To answer both points above;

It's not the Digital or HP scheme

I am not inclined to take the full DB option of £29kpa because;
1. £19k is identified as non-GMP pre-1997 and non-index linked ....that leaves only a third or so of my pension index-linked.
2. I'll be deducted another £2k by the taxman every year, so disposable will be down to c.£25kpa
3. If I take the £125k PCLS & £19kpa, the scheme will at least commit to taking the lump sum out of the non-index linked earnings and leave me with a larger proportion of my pension index-linked (I have this in writing)... AND I can put the £125k to work immediately and to better effect than £9ka pa.
On this basis, I believe it will take more than 16yrs before the full DB option accrues as much money as the PCLS option and in all that time, more will go to my family (rather than the scheme) if I'm sent for an early bath.
To answer other points, I am already investing in a SIPP to the maximum allowable each year and I have term insurance that was designed to cover my mortgage (paid early years ago) but I will take up the excellent suggestions to increase the amount.