Draw DB Pension and work still

Askfirst

Secret2ndAccount said:

 In many cases, the payout age is 65, but they allow you to take it at 60 without reduction. This is because of the mess caused by equalising men and women's retirement ages. 

HTH

Can this be substantiated and when did it change? I was told until relatively recently that early retirement would incur a discount of x% for each year before the age of 65, the same date as GMP normal retirement. But what you say is now reflected in new company literature that says pension taken after 60 will not be discounted. I would have taken it months ago if I had known, as I am 62.

Secret2ndAccount

It's not legislation - it's scheme rules, so you have to check your own scheme booklet. I helped somebody claim who, like you, had left it to age 62, missing out on 1000's of free money. AIUI they are under no obligation to write to you at age 60, only at 65. I've seen plenty of other posters on here mentioning a similar option from their scheme.

Askfirst

OK so not a universal change, but I need to find out when our particular scheme rules changed. I didn't just let the date pass: I was on the case at 59 and asked for a quote to retire at next birthday (age 60), but they were still telling me a discount would apply. So I put it off for a couple more years.

Secret2ndAccount

Well, I'm not an expert on all pension schemes out there, but I would be surprised if this was a recent change. More likely decades ago.