Take pension now or wait?

Nigh

I'm one of those lucky !!!!!!s who love their job, the workplace & fellow workers so no incentive to quit yet. Mrs Nigh disappeared years ago (legally, living in Spain, not buried under the patio). The young'uns are all grown up & independant.

Nigh

I managed to talk to the pensions advisor that my employer used when setting up the company pension through Royal Life. He confirmed that it is OK for me to take the state pension now & pay that income into my company pension fund & that I will get tax relief on the additional payments. Need to talk to my employer to find out if the tax relief is automatic but otherwise, that sounds like the plan going forward. The advisor raised another point that I had not considered. Slightly morbid but, if I keep deferring I don't survive as long as I hope, the state pension just stops. If I pay it into my company pension, at least my children would benefit from it.

Nigh

Just an update. I have received my first pension part payment, full payment next month & then every four weeks thereafter. I need to hold back enough to pay income tax but the rest goes into my pension plan. Royal London then apply to HMRC for the tax relief & add that to the payments. Net result is that from next month I will be paying £900/month into my pension & Royal London will add another 20% to that.