Additional Contributions

The_Fiddler_2

I am a member of the LGPS which I believe is one of the better pension schemes. My understanding is that from April you don't have to take a lump sum but can take it al as pension. My query is this - if I paid contributions into another scheme (a SIPP) for arguements sake) if its total when I retire (which won't be for at least 17 years) is only 25% (or less) of my combined pensions total, could I take it all 9from the SIPP) as a lump sum?

Hope I've managed to explain what I am thinking lol

Andy_L

Depends which version of the LGPS you are in. In the old one you had to take a lump sum, in the newer one it's optional and you give up pension to do so, each £1 of pension sacrificed gives you £12 of lump sum

"if I paid contributions into another scheme ....could I take it all (from the SIPP) as a lump sum"
you can do this but you have to use an AVC (additional voluntary contribution) scheme rather than a SIPP as the AVC is linked to the LGPS