Following a post today I realised that I'd not taken account of the effect of income tax on my spreadsheet that looks at whether taking your pension 'early' is worth it or not. I've added one further tab that looks at this for the NPA60 scheme. This only affects those whose pension would take them over the personal tax allowance (currently £12,500). Once over that allowance, taking the pension early stays ahead for longer. Why? If your pension taken early was £12,500 then there would be no tax. If taken later it was £12,600 then I had treated that as being £100 more, but of course it gets taxed at 20% so is only worth £80 more. So it takes longer to catch up. For example, a NPA60 pension of £20,000 taken at 55 on my sheet ignoring income tax would take you until you were 78.5 years old to catch up. Taking into account income tax it would take you until you were 82.5 years old.