Early retirement pension quandry

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
1 reply 851 views
clem28_2clem28_2 Forumite
124 Posts
Have previously posted but a little more information
Had to finnish work due to incapacity, have been awarded full a pension from my current employer(paid as if i reached pension age of 60).
but my problem is that i have a further pension and dont know wether to take it.
i am 53 years of age and this pension will not give full pension due to incapacity, so my problem is do i take a reduced pension before my retirement age of 60.
here are a few details.
pension at 60 £13500 per annum gross or reduced taking a lump sum
pension taken at 53 £9000 per annum or reduced taking a lump sum
done a bit of maths, will accrue
£71000 if take reduced pension now??? £9000 x 8years
will take 15years to get the money back if i wait till 60 years of age.
i do get £108 a month Esa at the moment and will lose this.
this to take off the pension sum.
do i take the reduced pension and lump sum? or reduced pension
do i take my pension now as i might not live to 75, when i start to gain from waiting????
anything else to concider
please offer help
thanks clem


  • can you decide to take it at any point?

    is your current income enough to cover your outgings?

    is there a possibility of living to an old age with increasing incapacity and hence need for a higher income?

    this is the consideration that is making it hard for me to decide what might be best in my own case, yes my condition might mean I don't live past 75, but it also means I might live past that but with higher need for care
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