leaving at 55 is it an option?

[robbertwhitton]

How viable is it? Its all getting a bit gutty niw after 35 years!!!

[RobertT]

You'll take quite a big hit on your pension assuming you're planning on taking it at 55, with the NRA60 portion being reduced by 25% and the NRA65 part by 50%. The lump sum will also be reduced by similar percentages.
On a general note, you can pack up work whenever you want to as long as you can afford it.

[Darren Bent]

with 35 years of pension money it is possible to retire on pension from RM but it is all depend on your cost of living and needs. If you can get another job that is great but it all depend on what you want to do and whenever you can afford to fund it.

[Brainache]

Start pileing money into the AVC plan. Then take that as the lump sum(AVC doesnt get reduced) leaving more for the pension.
(How do you spell `pileing`- doesnt look right ?)

[robbertwhitton]

Many thanks for the advice, just maybe a knee jerk bit of thinking after a gutty week on thus once loved job being slowly messed about with thanks again

[Surreypostie]

From next year can you not clear the whole lot out as a lump sum if you wish?

[RobertT]

From next year can you not clear the whole lot out as a lump sum if you wish?

If you have personal pensions or AVC’s then yes you should be able to although if you have a lot in that sort of arrangement you may find yourself paying a lot of tax, potentially 40% on some of it, so it isn’t necessarily a good idea to take it all out in one go. Phased drawdown would also be an option where you take out an X amount each year to avoid paying so much in tax and possibily paying no tax at all if your total income is within the personal tax allowance. The first 25% will be tax free however.

The new rules don’t apply to final salary/defined benefit schemes as much but it should be easier to transfer into a defined contribution scheme if someone wanted to. Although that would be a very bad financial decision in the vast majority of cases.

A bit more info can be found here:
http://www.iii.co.uk/sipp/new-pension-rules-2014" onclick="window.open(this.href);return false;

[OnAFlyer]

Start pileing money into the AVC plan. Then take that as the lump sum(AVC doesnt get reduced) leaving more for the pension.
(How do you spell `pileing`- doesnt look right ?)

Piling.

[Brainache]

Start pileing money into the AVC plan. Then take that as the lump sum(AVC doesnt get reduced) leaving more for the pension.
(How do you spell `pileing`- doesnt look right ?)

Piling.

That looks even more wrong, but I believe you.