Lump sum

Replican

I have a frozen company pension which I was contributing to from 2001 to 2012. I turn 55 next week and have been told by the pension company that I can take a tax free lump sum. The lump sum will be just over £20,000. The affect this will have on my actual pension is that without taking the lump sum I will receive £3900 p.a. Taking the lump sum reduces this to £3100 p a. I also have another frozen pension which pays out slightly more than this one (£4800 p.a.) I also have a current company pension I've been in since 2012. I have 9 years to run on my mortgage but would like to pay this off by the time I'm 60. Is there any reason why I shouldn't take the lump sum?

JillyC8

I'm in a similar position apart from being a couple of years away from doing this with very similar amounts as you. You'll probably be advised on here to leave the pension well alone, but everyone's situations are different and being able to clear the mortgage earlier, whilst not being as financially 'profitable' can make a huge difference, depending on your situation. I will be looking to do this when I'm 55 if I can.
Do you qualify for a full state pension?