The '75 pension could be drawn from a retirement age of 60 and the UK life expectancy is 80.
gipsymagpie - it could/can be drawn well before that. For officers it was/is 16/38 and for other ranks it was/is LOS 22. That was an Immediate Pension Point (IPP) and then it would index link at age 55 until death. If you left before IPP then your pension was preserved and paid at age 60 if you have service on or before 6 Apr 2006, otherwise it was age 65 for service after 6 Apr 2006.
Also, the 20 used is across public sector and private sector defined benefit pension schemes. They all have different retirement ages.
So I’m not convinced that is where the 20 came from?
Anyway, for many that poke just over the LTA the effects are fairly minor - here is a worked example on the internet. The figures used are the sort of pensions that a PAS OF3, OF4 or OF5 might see. As you can see in the example a £20k excursion over the LTA reduces the amount by just £5k, but it’s still worth getting the bigger pension as you’ll still be getting £15k more! Here is that wormed example:
