nearing 55

northernstar007 Forumite Posts: 257
Third Anniversary 100 Posts Name Dropper
ive got a db pension with avc (19k), same co small dc pension 23k, dont work at that co was in db pension 24yrs so its healthy from 1987
im packing work in end jan when i get to 55
i have no idea what to do, i want to take 25% dc pension in jan, remainder early april new tax year, also take my db pension then, i will get hit in tax with the dc pension withdrawl, can i put that into some fund without hitting tax and instant access, i will have my pesonal allowance to use up which will be used on my db pension 
or should i go and see a financial advisor or tax or pension advisor
i  only get 1 shot at this and want to get it right as i wont get any advise off my ex company

also i have figures for my lump sum out of db pension and that will need investing aswell, i was going to stick it in a isa then the rest in some savings acc

i also have no children , wife, nobody, diabeties smoke so theres nothing to leave nothing to and house paid, no holidays abroad, might change to odd spanish cheap holiday now and then


  • eastcorkram
    eastcorkram Forumite Posts: 612
    Ninth Anniversary 500 Posts Name Dropper
    Are you saying the DB will pay £19k per year? From age 55?
  • Nebulous2
    Nebulous2 Forumite Posts: 4,977
    Tenth Anniversary 1,000 Posts Name Dropper
    What do you need to live on a year? 

    What does the AVC associated with the DB pension give you, can you take it all tax free along with the pension? 

    Does the DB pension have a reduction for taking it before normal retirement age? 

    One possible strategy would be taking the DC tax free cash in January, then the rest of the DC spread over the next financial year - 1st April to 31st  March. 

    If the DB scheme is reduced for taking it at an earlier age, then drawing it in the following year is likely to give a higher pension from it and will reduce your tax bill. 
  • Baron_Dale
    Baron_Dale Forumite Posts: 741
    500 Posts Third Anniversary Photogenic Name Dropper
    edited 21 November at 6:43AM
    Do you own your own house? Have you checked your state pension forecast? Will your pension income cover your expenditure and other plans? Sorry about all the questions just being curious.
    perhaps also have a look at the threads in my signature to read about the experiences of others.
    Best wishes with your plans. Sorry just seen your house is paid for!
  • bunnygo
    bunnygo Forumite Posts: 103
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    If you haven't already done so, book a telephone appointment with pension wise. It is free. They will not give you investment advice. They will talk you through the options and are very good at flagging up the tax situation and the 'paint yourself into a corner' pitfalls.

    Set aside 90 mins and have a pen and paper handy.
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