Pension at 55.

[RobertT]

Going by the figures you quote, it sounds to me as if 'todays letter' is actually from the RMPP(in Sheffield). If so, you should also be getting one from the RMSPS(in Darlington), which will have higher figures!

I have no personal experience of the exact procedure, but my understanding is that the RMPP get in touch with RMSPS and tell them to send you their figures. Although someone might be along in due course to put me right on that.

RMSPS are administered by Capita and they are notoriously slow and inefficient, so expect to wait a while.

[heapsy]

Sean, if I may, can I just add something here? At the end of the day, it is up to the individual whether they take their pension or not. However, have you thought about the "what if?" scenario? Have you thought about the possibility that you might not work as long as you thought? And if so, have you stress tested your finances? That is to say, could you manage on a lower income with lower increases, albeit for a longer period? With inflation so high, and nobody knows what the future holds in terms of future cost of living issues, could you manage? Many people assume they will carry on working in some form, for years to come. That may not be the case, for unforeseen circumstances. Also, they think the grass is greener at other employers, only to find it's actually really s**t working for other companies. Just a thought.

[Seanpriddy7]

Sean, if I may, can I just add something here? At the end of the day, it is up to the individual whether they take their pension or not. However, have you thought about the "what if?" scenario? Have you thought about the possibility that you might not work as long as you thought? And if so, have you stress tested your finances? That is to say, could you manage on a lower income with lower increases, albeit for a longer period? With inflation so high, and nobody knows what the future holds in terms of future cost of living issues, could you manage? Many people assume they will carry on working in some form, for years to come. That may not be the case, for unforeseen circumstances. Also, they think the grass is greener at other employers, only to find it's actually really s**t working for other companies. Just a thought.

I have a fair few more factors to think about as well unfortunately which points.me towards taking my pension now. I'm lucky my mortgage is nearly done with and my wife is a lot younger than me so she can keep working and support us both. It is an individual choice and due to my personal circumstances its right for me.