DB pension - should I take it?

xylophone

See https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/late-retirement
under Late Retirement from a DB Scheme and then check your exact situation with the Administrator of your scheme.

hyubh

Sanbrimm said:

I will be a basic rate tax payer when I retire. What I’m not sure about is if I will be worse off by not taking it at 60. Am I “loosing” the years I don’t take it. 

The bit you quoted ('late payment increases larger the longer after 60 you retire the factors used to increase your pension are subject to review and may change from time to time') seems to say a late retirement factor is applied if you only start to draw the pension after age 60. If so, this is the logical opposite to an early retirement factor for drawing the pension before age 60: you don't get the 'missed' pension payments in arrears, instead your pension has an uplift when you finally do draw it, to reflect the fact it will be paid out for fewer years than had you drawn it at NPA. However, as xylophone says, getting formal conformation for your individual circumstance would be sensible (in private sector DB schemes, terms can differ between different groups of member quite wildly).

Thrugelmir

Nothing to stop starting to receive the pension and reinvesting the money into a new pension scheme. Thereby gaining 40% tax relief.