Is a final salary pension still worth having?

I have been paying into a works pension for 30 years. it is a 40 year final salary type,which returns a lump sum and then about 1/2 salary per month. Next year at age 50 I can opt to take a lump sum and reduced pension but then carry on working to normal retirement age. With all the talk of raided pension funds etc is it worth letting the thing run it's full course in the hope there is still a pot there or should I take what I can as soon as I can?

Assuming the pension's funds are being handled by competent outside firm, you don't have massive debits or other immediate needs (not wants) for the money, you (and your blood relatives) have no indications of dying early (heart problems, cancer, etc.)

鈻篢hat is a lot of assumptions! 鈼?br>
Then the issue becomes "The Time Value Of Money". For example; which is better $100,000 now or $586.32 a month for the rest of your (30 year) life? At 5% interest the value of each is about the same.

So if all the assumptions are valid, you need to put in your actual numbers into the calculations (below) to see which is best.

A final salary pension scheme is a massive benefit and worth hanging on to of course - but what you need to do depends on your individual circumstances.
If you have debts to pay off (expecially high interest ones, but also mortgage and other debts) it may be worth taking the lump sum. This is also the case if you are in poor health or don't expect to live that long for one reason or another.
If not and you don't particularly need to money for a while, then hang on for as long as possible as the amount that you will be entitled to as a lump sum will increase substantially.
You need to see a pension/financial advisor for a better answer as this all really depends on your individual circumstances and the conditions of the pension.

Definitely. More and more companies are doing away with final salary schemes for new employees as the benefits are 'too good'. Since the Robert Maxwell affair, there are now safeguards in place to prevent companies raiding pension funds. If in any doubt, probably best to pull together the details of your scheme and seek independent advices from at lease 2 expert sources.