I’m lost

Stewpotsaint

I’m after advice on my db pension I work part time 16 -20 hrs a week I’ve just turned 55 I want to take a lump sum and then use the rest as monthly payments I intend to carry on working my question s are its has db with profits and a mvr my pension pot is £65000 would I be best to draw down or get a annuity though I don’t really understand either hope this makes sense any advice 

dunstonh

From what you say, it doesn't sound like a DB pension.

 would I be best to draw down or get a annuity though I don’t really understand either

Robbing your retirement years to spend on something in your working years is generally considered a bad idea.   An annuity at 55 would be costly (i.e. low annuity rate compared to one at age 67).  Plus, the MVR that is currently in place would not apply at scheme retirement age.  It would if you bought an annuity or transferred it into a plan that supports drawdown.   It's likely the pension doesn't support drawdown (possible, but generally older plans like this would not).   

Do you have alternative means to cover the planned spending?

Brie

The so called value of your DB pension pot is meaningless.  What you get is a monthly payment.  You can normally get a tax free lump sum and then immediately get a smaller lump sum payment.  If you take your pension before your normal retirement age (i.e. 55 instead of 60 or 65 or...) then all the amounts will be reduced.

Is this the pension you are still contributing to?  In which case if you start taking it then your contributions to it will stop.  Some companies have a newer scheme, usually a DC one, that you can contribute to instead.  You need to find out about that.

It's also a good time to get your state pension forecast so you know what's going to happen later.  There's a link in my signature that should take you to the start of that process.

Marcon

Stewpotsaint said:

I’m after advice on my db pension I work part time 16 -20 hrs a week I’ve just turned 55 I want to take a lump sum and then use the rest as monthly payments I intend to carry on working my question s are its has db with profits and a mvr my pension pot is £65000 would I be best to draw down or get a annuity though I don’t really understand either hope this makes sense any advice 

That's not a defined benefit pension you're describing!

It sounds as if a free appointment with PensionWise might be no bad thing: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

They won't try to sell you anything or give 'advice', but the will explain the options, terminology etc and hopefully give you more confidence in taking a decision about how to proceed.