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Was discussing the exact same thing with my best man during the rugby at the weekend. We said 30 years ago we'd do an Oz Ashes series when we retired. We're thinking about a Windies Test as a warm up Sent from my E5823 using Tapatalk

Ain't that the truth......me too Sent from my E5823 using Tapatalk

You absolutely can turn a final salary scheme into a 'pot' (SIPP) to manage yourself or professionally instead but as has been posted many times it's not a decision to take lightly and you have to take professional advice from someone qualified. The current plan manager will provide you with a...

Whoosh......but probably would in fact. Mostly they're met office staff on a very generous final-salary scheme........a projected pension of less than 10k a year would need a pot of over £300k at todays values.

Weather forecaster ?

Not sure it's any scheme, some may have restrictions. Drop in resulting pension would also depend on the scheme - reductions vary.......hence the need for advice.....

Whether you actually do it or not, or whether it's advisable, is another question.......but the flexibility is useful

You can take 25% tax free at 55

Many 40/60th schemes have either been capped (ie even if your pay increases your contributions don't and it's capped at a lower salary) or even closed completely, so you're in pretty good shape on that front........I've got a couple of pals who have gone past their 40th years in a single firm...

Quite normal for the actuarial reduction for taking the pension early to be 4% (or even more), so a 40% reduction for taking at 55 instead of 65 isn't unusual. Scary, but not unusual.

Very unlikely (that doesn't make it a bad investment). You can put your numbers into a modelling calculator if you want to see what things might look like. https://www.moneyadviceservice.org.uk/en/tools/pension-calculator

Exactly.......lots of things to consider. For me it wasn't about health (hopefully), more about investment returns (I'm happy to take some risk), flexibility, tax management and being able to leave an inheritance. The DB scheme was good but current very high TVs made the decision easier. Re...

Similar. Bit of a minefield now with so many options. I'm (hopefully) 5 years or so from packing work in and trying to line things up accordingly............although may be longer. I've broadly decided to cash in an old final salary scheme (stopped contributing in 2000 when I changed employer)...

There isn't really a 'default position' - it entirely depends on your individual circumstances/plans/objectives/other assets/tax position/retirement plans/age/size of fund/scheme rules/dependents/investment experience/risk tolerance/income requirements etc etc - hence the need to seek...

Just going through this myself and I have decided to opt out a final salary scheme, would recommend getting in touch with Steve Foster as I did, great service - this needs very careful consideration and expert advice.