Retiring at 60...ish

Albermarle

Gary1984 said:

Knowing the total pension fund values rather than annual projections will be more useful as you may wish to take them in their entirety between 60 and 65/67 to bridge the gap before your DB pensions become payable. 

In fact it is not just pension funds, but those along with other investments and cash, to get the full picture.
Then you can see better from a tax point of view the best order in which to take the money, although a mix is often the case.

OakesCokes

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

Dazed_and_C0nfused

OakesCokes said:

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

So £45k guaranteed joint income at 67.

And £236k in DC funds already built up to supplement this or use as a bridging pension.  Or both.

Nice position to be in really with plenty of time to improve things further.

SarahB16

OakesCokes said:

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

Are you not tempted to make additional voluntary contributions (AVCs) however the AVC pot does need to be taken at the same time as your LGPS pension so would not be a bridging option if you chose to take your LGPS pension at 67.  

SarahB16

Dazed_and_C0nfused said:

OakesCokes said:

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

So £45k guaranteed joint income at 67.

And £236k in DC funds already built up to supplement this or use as a bridging pension.  Or both.

Nice position to be in really with plenty of time to improve things further.

I was unsure if the £12k per annum LGPS pension will only pay the £12k per annum if the OP works until they are 67 so unfortunately for the OP and their OH I don't think they have yet built up the £45k guaranteed joint income however happy to proved wrong. 

Excuse the pun @Dazed_and_C0nfused but I too was a little confused as to whether the £12k had already been accrued or not.  

OakesCokes

SarahB16 said:

Dazed_and_C0nfused said:

OakesCokes said:

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

So £45k guaranteed joint income at 67.

And £236k in DC funds already built up to supplement this or use as a bridging pension.  Or both.

Nice position to be in really with plenty of time to improve things further.

I was unsure if the £12k per annum LGPS pension will only pay the £12k per annum if the OP works until they are 67 so unfortunately for the OP and their OH I don't think they have yet built up the £45k guaranteed joint income however happy to proved wrong. 

Excuse the pun @Dazed_and_C0nfused but I too was a little confused as to whether the £12k had already been accrued or not.  

Yes the 12k LGPS is based on working up to 67. At the moment the value is around 3.5k

OakesCokes

SarahB16 said:

OakesCokes said:

Unable to edit OP so update showing pension fund values as suggested - 

Pensions 

Me:

DC – 28k

Stakeholder – 95.7k

Final Salary - 2.6k pension pa

Clerical Medical – 33.3k

Current (local govt scheme) – unable to find but forecasted @ 12k pa

State – 11.5k @ 67

OH:

Final salary – 7.4 @ 60

Personal – 79k

State – 11.5 @ 67

Are you not tempted to make additional voluntary contributions (AVCs) however the AVC pot does need to be taken at the same time as your LGPS pension so would not be a bridging option if you chose to take your LGPS pension at 67.  

I'm waiting for a meeting my IFA to discuss this option as I also want to discuss APCs option