Partial retirement lump sum

helenpayne

I am due to take partial retirement  at the beginning of of next year. Am in the 1995 with scs and the 2015. Can I take both lump sums. Or if I take the 2015 one early what will be the penalty. On my TRS there is a standard and alternative amount what is the difference and which one can I take 

Dazed_and_C0nfused

helenpayne said:

I am due to take partial retirement  at the beginning of of next year. Am in the 1995 with scs and the 2015. Can I take both lump sums. Or if I take the 2015 one early what will be the penalty. On my TRS there is a standard and alternative amount what is the difference and which one can I take 

If you are referring to the NHS schemes then there I don't think there is any automatic lump sum with the 2015 scheme.

Have you looked at how much of your 2015 pension you would have to give up to get that lump sum (from the 2015 scheme)?  Quite likely you would only get £12 for every £1 you give up.  You get the £12 once.  You lose the £1 (and the annual inflation increases) every year for the rest of your life 

If you are taking partial retirement would you not just let the 2015 pension continue to accrue?  Or do you need to take it for financial reasons? 

There is almost certainly no "penalty" for taking it early.  You would get less, typically ~5% reduction for each year you took it early, but that is because you are asking for it to be paid for a longer period of time.  It's not a penalty.