Is this doable?

FIRSTTIMER

Current age 35, want to retire 60.

Planning for mortgage to be around 50k by the time I retire and use some lump sum to pay off.

I have and dld DB Pension, currently £5k projected payout annually from age 65, or current CETV of 80k and a current TPS/LGPS DB Pension, to take age 65, projected to be around 30-35k per annum.

My plan is to open a LISA and put full amount in per year (15 years left to save). Will give me around 100k at age 60 and use alongside taking yearly tax free allowance lump sums from old db scheme as a CETV transfer at age 60 for 5 years.

Then at age 65, depending on pension rules, take current pension with max lump sum and then state pension also kicks in age 68.

Thoughts?

Albermarle

from old db scheme as a CETV transfer at age 60

You are probably thinking too far ahead as most likely that pension legislation will have changed more than once in the intervening 25 years . It is already getting more & more difficult to transfer the CETV out of a DB pension , so who knows what will be possible/allowed so far in the future

hugheskevi

Planning for mortgage to be around 50k by the time I retire and use some lump sum to pay off.

You don't mention any accessible savings - you have to allow for your pensions to be inaccessible until age 58 and your LISA until age 60. You could access your LISA with penalty though if necessary.

You will need to consider protecting against adverse life events if you put everything into inaccessible accounts - insurance, precautionary savings, etc. Precautionary liquid savings plus some stocks and shares ISA investments may provide a good cushion.

Then at age 65, depending on pension rules, take current pension with max lump sum and then state pension also kicks in age 68.

Assuming by current pension you mean Teachers' Pension, taking max lump sum is unlikely to be a good idea given the terrible lump sum commutation rate. Although a lot might change in the meantime, I wouldn't be using this assumption in a central scenario.

Thoughts?

It looks like your saving plans don't increase much over time, as your salary presumably increases? Just the LISA and the DB pension - or does paying down mortgage take place in later years?

You may benefit from exploiting stoozing to give you access to funds earlier (you could use them conventionally and just put the funds in a savings account - that can help with liquidity, or you can use them to achieve your next financial objective earlier, although ensuring you will be able to meet payments at end of offer period).

It isn't much work, and for many years now I've had about £70,000 revolving on 0% fee, 0% interest credit cards which would otherwise have meant a higher mortgage and more interest payments.

atush

Dont take lump sum from TPS, but do open an AVC with the LGPS so you can save in that one to provide the tFLS. That way you wont reduce your DB pension

Brynsam

Impressed that you are thinking ahead in such excellent time.

Now might be the time to invest in some proper advice from an IFA, who will have all the relevant facts rather than just a few sentences to go on. Setting things up correctly now, even if the advice is one-off rather than ongoing, could be more than worth the fees.