There may not be too many people on the forum who this concerns as I realise many of you are much older, but you may be aware that people who reach the age of 55 are able to withdraw 25% of their workplace pension fund tax free.
I will reach that age in October this year and am about to look into this. Has anyone else done the same?
When I got made redundant from my old firm, part of the redundancy package (to save them some money I guess) was to freeze my pension until I was sixty years old. I took a lump sum amounting to 25% of the pot from that pension and have a monthly income from it although I top it up by doing the occasional small job.
I think it will be a good idea to get some of your money out while you can even though it will reduce your monthly pension. A mate of mine has just been diagnosed with cancer at the age of sixty so he may not live long enough to claim any pensions so get it while you can Floydy.
Yep just done it.
Choice depends on your personal circumstances. I took the max lump sum because it is tax free and can be put into savings/investments to earn you money. Without the lump sum you may risk having that money taxed.
Congratulations Floydy. That’s great. Here things are a bit different but my husband works shift work like you do and he can’t wait to retire. He’s younger than you but at 50 he was completely thrilled. He has the option to have early retirement however if he stays he gets much more.
.
My husband can tell you how many days and hours he has left before he retires and I really feel for him. Doing 12 hour nights is rough
Good news for you
Didn’t you retire at 48?
That’s what I thought, Judd 
Since writing this post a couple of hours ago I’ve been looking through my recent workplace pension updates and it has pleasantly surprised me the amount I’ll be able to claim using this scheme. I’ve been at my place of work since 2000 and it’s a pretty nice pot accumulated.
I have looked briefly each year when they send me an update but suddenly I’ve realised that I’m almost 55 (!) and eligible for a quarter of it in October.
I pay off my final massive loan instalment next June but after conferring with Mrs. Floydysaurus, we should now be comfortably able to pay it off when I can take my cut from the pension and clear it at last, with a little extra maybe to book a nice holiday for next year.
As you say, Judd none of know how long we are going to be around so it’s nice to be able to dive in and take a perk when it comes up 
Plus, I’m still working for many years to come yet, so it won’t be a great shock to take some money out soon.
My plans after that are to hopefully semi-retire at 60 when I can claim my RAF pension too, if not pack it in altogether. Before that though I intend to get off these bloody night shifts ASAP, and this little bonus will certainly ensure I can do that as early as the end of this year! 
Yep
Are you struggling to understand the difference between giving up work and taking a pension?
I think that was sarcastic and uncalled for!
I thought so also.
Glad it’s not just me, Bratti.
No need for it at all.
The assertion of saying “didn’t you retire at 48” was implying some falsehood in my story of which there is none. I simply corrected his understanding.
I retired at 60 but I wish I had done it earlier unfortunately, while you can take your superannuation pension from the age of 55, it is only at 60 that it becomes tax free. I was a self funded retiree until 65 when I was then eligible for a part state pension (means tested).
That remains my situation now though the bastards increased the taper last year which gave me less state pension so I just increased my super pension to compensate.
I would recommend taking your pension and retiring as early as you can afford, it is your money after all. I live very comfortably in my opinion.
I’m sure Floydy can handle it though.
He’s a big boy.
I agree. He doesn’t need you and Mups mollycoddling him
More sarcasm.
I will decide for myself who I believe to be in the wrong thank you.
Good for you
Haha. That’s actually hilarious. I don’t mollycoddle anyone:lol:
No you dork!
I’m talking as a person who is still working and is eligible to dip into their pension as I mentioned in my post.
Can’t you read?!!
Just shows his usual arrogant manner, that’s all 
:roll::roll: Quite 
Who’s Molly and is she worth a cuddle?
