Pension withdrawal

Bimbly

frenchfrog said:

Thank you for the contributions above.  I know my BBC pension is a defined benefit scheme, so according to the comments above, I have nothing to worry about, right?  However, I have noticed that the value of the pension per annum used to be over £6k now it is only £4k.  Do you know why that is, please?  Thank you :-)
PS - with the state of the pensions right now, I am thinking of taking a lump sum as I am 58 now

Which BBC DB pension? Old Benefits, New Benefits or CAB (Career Average Benefits)? You may even have a mixture if you worked at the Beeb for an extended period of time.

The yearly value shouldn't have reduced. Are you looking at taking your pension early - before the scheme retirement age (60 for Old & New Benefits, 65 for CAB as I recall)? If so, your payment per year will be reduced because you will be taking your benefits across more years.

PS: you really should start a new thread rather than derailing an existing one

LV_426

SamanthaBush said:

With the BoE increasing gilt sales and pension funds again saying they help today, is there any danger to my pension and should I withdraw the funds now that I'm 56.

When do plan on retiring?