Any Pension experts here ?

[dave28]

Please remove this thread if it is not ok to post this on the forum.

My old man is just about to retire and has been sent 3 options and he is finding it confusing.

I know this is a vague sheet of paper but obviously i cannot put too many details in public view for security reasons.

If there are any pension experts here that could advise the pros and cons of the options please.

I assume these annual pension figures are including state pension and the lump sum figures are tax free ?

Option 3 is confusing, is there are advantage to using that option.

His health is not that great since he has been a smoker for well over 5 decades so i am thinking option 2 is best maybe.

 

[dave28]

That's a government pension, defined benefit I believe. I had a similar form with my DB (non gov) company pension. Pretty sure state pension would be on top of those figures. If his health isn't great then I'd go option 2. Option 3 would be if he, for example, wanted 10k, or 12k etc etc as a lump sum then the annual pension amount would be adjusted accordingly.
Can he not get any advice in house with this?

He has phoned them a couple of times and the info seems to go right over his head every time.

My first thought is option 2 is best for him also but i think on Monday i will have to phone them myself and try to explain that he does not understand fully.