Taking DB pension early thoughts?

[Deleted User]

Bad idea in most cases.  Exceptions:

1. you are going to starve unless you take it early
2. You have a serious disease which lowers your life expectancy. 

michaels

If when you take it early you can avoid Higher rate tax and put any you don't spend into an isa then it is pretty neutral but may increase flexibility.

What is your partners pension situation - it is possible if they pay effectively 100% of their income into a pension now (funded by your extra pension income) then they will get tax relief for tax they don't pay in the personal allowance and if they are likely to be able to draw it all out without paying tax by retiring before state pension comes due then that is a major win.

Pat38493

Woodbine are you actually retiring or are you planning to carry on working after 55?  I’m not totally clear about that in your posts.  

Maybe this is obvious to you already but if you carry on working at your current income you will end up paying 40% tax on your DB income - clearly less than ideal.