From my calculations, I think I’m going to be better off leaving TPS. Can someone check my figures, and correct me if I’m wrong, or point out something I’ve forgotten. I turn 55 in about a year. My salary is just under £50,000. So I’m paying in just over £400 a month. So, over the next year I’ll be paying in £400 x 12 months = £4,800. Due to the inflation/wage rise re-adjustment, my Final Salary pension is falling by £26 a month. So over the next 12 months it’ll fall by £312. If I take my pension at 55 I need to reduce that for taking it early, multiplying by 0.796 = around £250. Now, my pension is already more than I need, so I’m wanting to convert any pension over and above this into a lump sum, for which you x12 for every £1 you drop. £250 x12 = £3000, so my additional lump sum from this part of my pension will be £3,000 less than it is now. Meanwhile, my average salary pension is increasing by around £70 a month. Over the next 12 months that’ll amount to a total increase of £840. Taking it early at 55 means multiplying by 0.546, leaving a total of £460. Convert to lump sum x12 = £5,520. So, one pension increases my lump sum by just over £5,500, whilst the other reduces it by £3,000, a net lump sum increase of £2,500. So, if I leave TPS now, I’m better off by not contributing £4,800. If I leave I’ll have to pay 20% income tax on that, so I’m only actually better off by £4,000. But in that same time my lump sum will only increase by £2,500. That looks to me like I’m better off leaving TPS now. Okay, what have I got wrong, or missed?