Lump Sum increase or not?

PeterCallison

Hi
Sorry if this has been asked before but couldn't find it.

I belong to a Local Government Pension Scheme and retire later this year. I would like to know the advantages and disadvantages of taking a larger lump sum than the default amount. The £12 for £1 conversion looks great but I am sure it's not that simple :rolleyes:
Any help much appreciated

Peter

dunstonh

I am sure it's not that simple :rolleyes:

its not i'm afraid.

Tax, life expectancy, what you would actually do with the lump sum, if taken and if you have spouse can all impact on the decision to take it.

PeterCallison

Thanks dunstonh

Can you expand on those elements?

Peter

EdInvestor

Many of the issues were discussed recently here:

http://forums.moneysavingexpert.com/showthread.html?t=1676027&highlight=pension+commutation

MikeJones_2

Hi Peter,

It's a familiar question and you'll find a broad range of points to consider which were previously discussed on the following threads. They should give you some food for thought.

Once you've read through these, don't hesitate to come back and ask specific questions.

http://forums.moneysavingexpert.com/showthread.html?t=1106919

http://forums.moneysavingexpert.com/showthread.html?t=1656163

http://forums.moneysavingexpert.com/showthread.html?t=1444179

http://forums.moneysavingexpert.com/showthread.html?t=1426959

http://forums.moneysavingexpert.com/showthread.html?t=1361091

http://forums.moneysavingexpert.com/showthread.html?t=1205655

Hope these links help.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

PeterCallison

Thanks for the heads up and links, much appreciated

Peter