In a DB pension scheme, retiring soon - options?

PensionerToBe

p00hsticks said:

PensionerToBe said:

My wife is considerably younger than I,

Bear in mind that some DB schemes will reduce the widows pension on offer in such circunstances.

I don't *think* this is the case here, but it's one of the things I am checking. WE recently had a video presentation from the DB scheme explaining various permuations, and neither a cap on index linking or a reduction in spouse pension due to age were not mentioned, even when talking about dependent children.

marlot

Did you check that you're below the lifetime allowance?

If you're over it then a stepped pension, reducing at state pension age, is harshly treated.

PensionerToBe

marlot said:

Did you check that you're below the lifetime allowance?

If you're over it then a stepped pension, reducing at state pension age, is harshly treated.

yes, below the LTA.

Patrol

PensionerToBe said:

The DB scheme also allows you to take a lump tum and a reduced pension.

My thinking is that I want to maximise my income, keeping things simple as possible. I have no plans (or any need - for example we are mortgage-free now) to take a lump sum, just want to leave my money in the DB scheme to give me as much regular and secure income as possible. 

Check whether your pension survivors payment is affected by lump sum. For example my DB pension pays the same survivors pension to my spouse whether or not I choose to take a lump sum. You can probably find this in the scheme documentation, or ask the administrator.