redundancy and pension at 55

Rouge_One

Silvertabby wrote: »

You will be amazed just how much higher your redundancy quote will be!

Your LGPS may not be willing/able to give you a quote without confirmation of your redundancy - but your employer should have already asked for a quote on your behalf (including the amount of employer costs that they would have to pay).

I should imagine the actual figures will be forthcoming soon !

xylophone

I have 12 years (Northern Foods) pension with one and 8 years (railway pension)

Are these both DB pensions?

https://www.railwayspensions.co.uk/

https://www.nfpensions.com/

If so, do you have a statement of deferred benefits on leaving?

Is a GMP shown for each one?

What do the scheme booklets have to say about taking your pension before Normal Scheme Pension Age?

Have you and your wife obtained State Pension Forecasts?

https://www.gov.uk/check-state-pension

Rouge_One

LHW99 wrote: »

Pensionwise may also be helpful, they can't give advice but can talk through your options and are free

From Pensionwise:
In most cases you’ll have a defined benefit pension

Pension Wise only gives guidance on defined contribution pensions.
For guidance on defined benefit pensions go to the Pensions Advisory Service.

xylophone

In most cases you’ll have a defined benefit pension

See my post above.

gwynlas

It would be good to know at what age your other pensions will be available as your state pension is so far off but in your position I would be very happy. I was lucky at being in a similar position at 52 but had to forfeit some of my redundancy payment in order to receive pension immediately.
Given you can downsize in the future you and your wife can plan your retirement together and she can choose when she retires. You could also take on part time work if you chose knowing major expenses covered.
Some people suggested that I should feel offended at being redundant at such a relatively young age but I chose to interpret it as the opportunity it was particularly as both father and brother died at 64. Enjoy

Rouge_One

gwynlas wrote: »

It would be good to know at what age your other pensions will be available as your state pension is so far off but in your position I would be very happy. I was lucky at being in a similar position at 52 but had to forfeit some of my redundancy payment in order to receive pension immediately.
Given you can downsize in the future you and your wife can plan your retirement together and she can choose when she retires. You could also take on part time work if you chose knowing major expenses covered.
Some people suggested that I should feel offended at being redundant at such a relatively young age but I chose to interpret it as the opportunity it was particularly as both father and brother died at 64. Enjoy

This is exactly how I feel. I am excited that I am being given this opportunity. There will be other jobs if I need and hopefully, my hobby will become a going concern!