Shocked

MarkCarnage

Your 'shock' might be tempered a bit when the various risks are also explained to you. We don't know here what terms your DB pensions are in relation to inflation related increases, but you would need to factor that into calculations about sustainable drawdown from a portfolio. The TFLS also needs to be carefully considered in relation to the commutation rate (what you give up in regular pension income, including the increases in it), and the same applies to the actuarial reduction that would apply from taking early retirement. 
You also need to think carefully how temperamentally suited you would be to the near certainty of significant fluctuations in the capital value of any retirement fund over time. I don't use the word 'loss' as a loss to me implies something that has been crystallised or realised. The danger is that many turn a downward fluctuation into a loss by selling when they shouldn't and don't need to, because they are NOT temperamentally suited to having a risk exposed retirement fund - which isn't the case if you leave it where it is.
A good IFA is both a legal requirement and a good idea for you to take this further. 

xylophone

Your DB pension is a "safeguarded benefit" with benefits valued in excess of £30,000.
See https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf
 You are obliged to obtain the advice of a Pension Transfer Specialist. 
See https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/
The FCA rules require that advice on pension transfers must be provided by, or checked by, a pension transfer specialist and firms wishing to provide advice on pension transfers and pension opt outs must apply for and obtain special permission to carry out that activity. 
 See also https://www.royallondon.com/media/good-with-your-money-guides/five-good-reasons-to-transfer-out-of-your-company-pension-and-five-good-reasons-not-to/

Benny2020

blisteringblue, that is my attitude too, DB pensions are great but not so if you want to go early.
£850k now will allow me many more years of retirement, I am single by the way and Although I earn a decent amount (£50k +)
I really dont spend that much and can live very comfortably on £1000 per month, everything I have is paid for, house, newish car.
I just want some time that's all.

MrDinosaur

I had the same dilemma keep the DB and keep working until 60, cash in and leave at 55.  I took advice from an IFA listened to whats good what bad and made the decision what is right for me.  I have a similar portfolio, plan to take approx £180k out and enjoy my retirement.  The remaining invested if this gains around 2 % to 3% annually I am fine.  Yes it can go down, but we all don't know how long we have - retire early and enjoy your time.

Triumph13

Given your income requirements the obvious solution would appear to be to keep the larger pension but take the CETV on the small one then retire.  Assuming you pay the voluntary NICs to get full SP you would be on over £22k pa post tax once your SP was in payment which is way more that you say you need.  The CETV can all be held in cash to remove investment risk (small amount of inflation risk) and easily fills in all your income to 60 then the SP bit to 67.
Obviously I don't know the full details of your situation, but based on what you've said this approach would seem to give you all the guaranteed income you need and the ability to stop working immediately.

blisteringblue

Benny2020 said:

blisteringblue, that is my attitude too, DB pensions are great but not so if you want to go early.
£850k now will allow me many more years of retirement, I am single by the way and Although I earn a decent amount (£50k +)
I really dont spend that much and can live very comfortably on £1000 per month, everything I have is paid for, house, newish car.
I just want some time that's all.

I sat down with my IFA right at the start and he asked me what I wanted. I said 2k net a month and the mortgage clear.  I'm well on the way to clearing the mortgage before I finish (still 3 years off) and safe 4% drawdown will be over 2k net a month now.  I'm expecting to be just shy of LTA at the point I retire, over 900K markets permitting.   I'm not in anything risky, mainstream category 2 risk funds.  So if the market drops 10% my funds drop 5%.    I've had a DC since 2006 so I've seen what the banking crash did to it.   So you need to be aware of the risks.  If brexit goes terrible worse case I work an extra couple of years, that is as simplistic as I now look at it.  I don't worry I made the wrong choice, but I really could not be in this position still with just my DBs, I changed jobs too much early on, and my main career dropped DB very early.

Albermarle

Given your income requirements the obvious solution would appear to be to keep the larger pension but take the CETV on the small one then retire. 

Exactly what I was going to say . Having a mixture of guaranteed income + the flexibility of your own pot is the best of both worlds .

eskbanker

blisteringblue said:

Benny2020 said:

blisteringblue, that is my attitude too, DB pensions are great but not so if you want to go early.
£850k now will allow me many more years of retirement, I am single by the way and Although I earn a decent amount (£50k +)
I really dont spend that much and can live very comfortably on £1000 per month, everything I have is paid for, house, newish car.
I just want some time that's all.

I'm not in anything risky, mainstream category 2 risk funds.  So if the market drops 10% my funds drop 5%.    I've had a DC since 2006 so I've seen what the banking crash did to it.   So you need to be aware of the risks.  If brexit goes terrible worse case I work an extra couple of years, that is as simplistic as I now look at it.

If Brexit is capable of impacting on your investments to that degree then that would suggest that you are in something risky, as this would imply that your portfolio is way too heavily concentrated in the UK....

blisteringblue

eskbanker said:

If Brexit is capable of impacting on your investments to that degree then that would suggest that you are in something risky, as this would imply that your portfolio is way too heavily concentrated in the UK....

It's not, but I'm just giving a simplistic example of something that could create risk.  My funds are global.  I'm just saying the worst than can happen is I decide to work another couple of years.

Thrugelmir

blisteringblue said:

Benny2020 said:

blisteringblue, that is my attitude too, DB pensions are great but not so if you want to go early.
£850k now will allow me many more years of retirement, I am single by the way and Although I earn a decent amount (£50k +)
I really dont spend that much and can live very comfortably on £1000 per month, everything I have is paid for, house, newish car.
I just want some time that's all.

I sat down with my IFA right at the start and he asked me what I wanted. I said 2k net a month and the mortgage clear.  I'm well on the way to clearing the mortgage before I finish (still 3 years off) and safe 4% drawdown will be over 2k net a month now.  I'm expecting to be just shy of LTA at the point I retire, over 900K markets permitting.   I'm not in anything risky, mainstream category 2 risk funds.  So if the market drops 10% my funds drop 5%.    I've had a DC since 2006 so I've seen what the banking crash did to it.   So you need to be aware of the risks.  If brexit goes terrible worse case I work an extra couple of years, that is as simplistic as I now look at it.  I don't worry I made the wrong choice, but I really could not be in this position still with just my DBs, I changed jobs too much early on, and my main career dropped DB very early.

I wondered when the safe "4% drawdown" rate would materialise. Only time will tell if it was. Certainly far from "safe".