AVC option to facilitate early retirement

Ben147

Registered User
Messages
17
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. ?
 
If both pensions are from the same employment, then all benefits must be taken together. You cannot access some of the fund (the DC portion) early, whilst leaving the DB until age 65.
The same applies you any AVC.
 
Thanks Conan. Yes both DB and DC are both with same Employer.

So is there anything I could consider to give me more flexibility for early retirement options.

Such as funding a new pension pot that's not linked to the same employer?