West Ham Online

"Been at the same company for 35 years.Manual job,back and hips are in poor shape.55 now may be able to take a small lump sum to take off the mortgage.And a pension that would enable me to go to a 4day week.Spoken to a couple of financial advisors,all they have done is tried to flog me something.Any advice welcome also the usual abuse I’ll take."

"So many things to consider took early retirement at 50 because the offer was very good at the time It meant I had to wait for 5 years before I could get any money got a few jobs in between and then at 55 got a dirty great lump sum and an index linked pension What drove me to take it even though I wasn’t ready to, was I didn’t feel the offer would be bettered in the future and without being morbid have known people to wait and then get very little time to enjoy it Good luck"

"Tricky part is estimating at what age you expect to die. I've budgeted to 90. After that I'm broke but guess that I won't need much, anyway the kids can put their hands in their pockets if I need a few bob."

"Thanks for starting this thread, Michael. There's probably quite a few of us at this stage in life, wanting advice."

Spend your money and have fun . There’s no pockets in a shroud.

I would say that you should decide what kind of life you would like to have and what you need to live on. What do you need the lump sum for? How much of a regular pension income do you need? Once you’ve worked that out do the hard maths.

I would say that you should decide what kind of life you would like to have and what you need to live on. What do you need the lump sum for? How much of a regular pension income do you need? Once you’ve worked that out do the hard maths.

"I can;'t take mine at 55 as Id have to pay a hefty tax in US. So leaving it where it is, then think about it again when nearer 60!. But I am sure some of these companies are taking more then it is making so probably end up with nothing."

"oioi 6:16 Sun Mar 26 Good point. I should have made it clear that, apart from 5 months work in the UK since I took the pension/annuity, all my income was earned abroad. Sounds like the O/P wants to keep working in the UK, so my advice should probably be filed under ""Teapot, Chocolate"", for now."

Quite a few of my mates (that have hit 55) and have been able to get their old company pensions etc all seem to have used Pensionbee...

Me and Mrs Soldo going through the same thing at the mo... myself with a Civil service one that I can take early with no pens and the missus with 2 pensions from her old company when she worked in the City... we decided with hers to do a Drawdown... we stayed with same company (Aviva) for ease... not a lot between the companies too be honest... one thing we never knew was that her first pension we managed to get 38% tax free lump sum rather than the usual 25%... bit of a piecemeal exercise sending off all the P60's but worth it... the second newer pension was the usual 25% tax free lump sum... the remaining money will be moved into a drawdown account... and used if and when...

BTW If you take a lump sum and keep working be careful not to move into a higher tax bracket. Might be better to take it in instalments.

Circumstances differ but I took mine at 55. Lump sum (which I pissed up the wall) and an annuity that covers my living expenses. Kept working until I qualified for my state pension at 67. What I didn't need I squirrelled away from the prying eyes who seem really keen to tell me on what I should spend my money rather than save it for things I wanted.

Financial advisers always try to flog you something. You can sort it yourself. Your pension fund will have a website that will explain the 3 or 4 options available to you. Just pick the one that suits you. Don't part with any cash for advice.