Local Government pension (annuity)

andygb

I have a historic LG pension, and according to the latest statement, I can start drawing it from July next year, and take a lump sum as well. I cannot afford to retire just yet (for the foseeable future), so if I do not take the pension or the lump sum, would they both keep accumulating. Would I aslo be best off leaving the lump sum alone as well, because I am looking forward to taking a "special" holiday next year.

Silvertabby

If this is payable unreduced from July then you'd be daft not to take it.

Deferment past the age of 65 will accrue a small late payment addition - but that won't compensate for the loss incurred by not taking the pension. If you are under 65, then it will increase each year in line with inflation (CPI) - but that also applies once your pension is in payment.

You don't have to retire to take this pension.

You can't take the lump sum and leave the pension - it's all or nothing.

xylophone

If you are under 65,

OP is aged 59. See post 22 https://forums.moneysavingexpert.com/discussion/comment/73228548#Comment_73228548

https://www.lgpsmember.org/more/pre2014.php

https://www.lgpsmember.org/arl/already-left-when.php

Triumph13

If you can get it unreduced then think about taking it, but putting an equivalent amount if your salary into a private pension rather than paying extra tax. As Silvertabby says though, the important word is unreduced.
The lump sum can go into the best deposit account you can find to fund your holiday.