Bridge the gap

WayOutNow2

Pension scheme allows for Bridging the gap by levelling the pension payment so you get more in the early years and less as the state pension kicks in. The idea being you get the same thoughout.  Is this a good idea or not?

Secret2ndAccount

If it suits you then you should do it. Normally, over a lifetime, it doesn't leave you with a lot more or less money - it balances out. So if it suits your particular circumstances, go ahead. If you feel you will have enough to get by (with the reduced work pension) when your State Pension kicks in, but you could do with a bit more in the years between now and then, then it's a good solution for you.

DT2001

I would have thought it a good idea as most assume spending less later in retirement. You can run a spreadsheet to show when you ‘breakeven’ .

My DB schème didn’t give the option just advised it was how the scheme ran. The reduction was set when leaving the job and was a % of SP at that date. SPA has since increased so better on that score but no account of actuarial reduction when pension taken early. So check the small print.