Age 49 and work in Private Sector.
I contributed to a DB pension for about 15 years until it was ceased and we were moved onto a DC scheme.
My DB is valued at 31k per year [ when I retire at 65]. It increases about 2% per year.
My active DC pot is valued at 240k. I am now maxing my contributions at 25%.
My question.
So if I want to retire early I am told that I can't take a lump sum from my DC at say age 55 and leave my DB until I'm 65.
My pension advisors say the entire pension has to be taken all together.
Should I start putting a portion of my AVCs into a separate pot [ like a private PRSA ] not linked to my employer...
So that when I'm 55 I can draw this down allowing me to leave my main company pot to grow until I need it. ?
I contributed to a DB pension for about 15 years until it was ceased and we were moved onto a DC scheme.
My DB is valued at 31k per year [ when I retire at 65]. It increases about 2% per year.
My active DC pot is valued at 240k. I am now maxing my contributions at 25%.
My question.
So if I want to retire early I am told that I can't take a lump sum from my DC at say age 55 and leave my DB until I'm 65.
My pension advisors say the entire pension has to be taken all together.
Should I start putting a portion of my AVCs into a separate pot [ like a private PRSA ] not linked to my employer...
So that when I'm 55 I can draw this down allowing me to leave my main company pot to grow until I need it. ?