Sense Check

Retireinten

The decision around taking a DB early or not depends on your attitude to risk and also your income requirements as you get older. Very simply deducting 23% from your quoted £23.5k DB would give you a reduced but guranteed pension of around £18k from 55, reducing drawdown requirements from your SIPP from that age substantially. That means you're in receipt of an extra £90k for those five years - you would need to be in receipt of the higher DB pension from 60 for just over 17 years before you are out of pocket.

But it's not just about crunching the numbers. I'm in a similar position - I have a decent LGPS DB payable unreduced at various ages (60, 65 and SPA).  Plan at the moment is to take this at 60, taking the acturial reduction on part of it for several reasons. It gives me enough guaranteed income from SPA to not have to rely on DC pots (these will be used for the very nice to have spends), And I'd have to work much longer to defer my DB for longer... just to generate a guaranteed income I don't need beyond 67.

I also track the value of my pensions if taken at 57 (the age I suspect I will be able to access this when the time comes). This is just to keep my options open, as there may come a point where the DB figures stack up (essentially provide the guaranteed income I need at various points) if I take my pension at this age. 

Not sure what your DB is but if you're thinking of converting part of your pension to a lump sum it's often not good value, and if you have access to a SIPP probably not necessary. 

Albermarle

Other factors I'd consider is if you still have a sizable DC pot moving into old age, how will you manage those investments once you've lost your marbles? Maybe you'd use any cash remaining to purchase an annuity? Maybe it would be beneficial to run down the DC pot aged 60-67 and not take the DB pot early.

Despite popular myth, not everyone over the age of 70 ( or even 90) loses their marbles !

Another point to maybe take into consideration, is that DC pots can be a good way to pass money to heirs, so not always best  to spend them on annuity, or run them to zero, if the income is not really needed/ no plans to spend it.