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Originally Posted by steve-45
I was in the same position about 4 years ago. You need to get the figures from your pension provider to see where the break-even point is.
I hope to live for a long while (only the good die young) and as the mortgage was already paid off, I opted for no lump sum and maximum pension.
The maximum state pension - when you reach 65 or 66 in my case - is only about £150 per week so that was another factor that made my decision of maximum private pension available.
Are they going to make you "redundant"? If so remember you will get SRP (Statutory Redundancy Pay) + a in lieu of notice payment (if your employer was kind like mine was) + any special severance deals that my have been negotiated for your site.
If not may be worth asking if they can make you redundant.....
Also, you will need to check up where you stand re. state pension as your private pension may have been contracted out, if so your years of NI may be less than you think. there is an on-line program that uses your NI number so you can check this out.
Looking back - "early retirement" for me was the right move at the right time .......
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No chance of being made redundant , but they are looking at our terms and conditions and trying to cut our overtime allowances down to single time, which will have a big effect on my pension in the future , the danger is if i don't go now i may miss the bus and be left in a lot worse position pension wise