We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Personal Pension cash in
FloraMac
Posts: 47 Forumite
My hubby has a small pension that we are trying to close up.
He currently receives his Royal Navy Pension of 6200 per year and another small one of 13 per month.
Trying to complete paperwork and I am pretty sure that we can go for the 25% lump sum (£400) and annual payments but I am getting v confused re the lifetime allowance.
I have worked out the 20x annual pension (plus the gratuity he got after completing his time) and the 20x annual for the small pension and in my figures this does not equate anywhere near the current SLA.
Am I missing something or does it sound like I am working it out correctly.
Appreciate any feedback.
He currently receives his Royal Navy Pension of 6200 per year and another small one of 13 per month.
Trying to complete paperwork and I am pretty sure that we can go for the 25% lump sum (£400) and annual payments but I am getting v confused re the lifetime allowance.
I have worked out the 20x annual pension (plus the gratuity he got after completing his time) and the 20x annual for the small pension and in my figures this does not equate anywhere near the current SLA.
Am I missing something or does it sound like I am working it out correctly.
Appreciate any feedback.
0
Comments
-
Trying to complete paperwork and I am pretty sure that we can go for the 25% lump sum (£400) and annual payments but I am getting v confused re the lifetime allowance.
You can, the lifetime allowance is not relevant - it would only count if you were trying to take ALL of this 3rd pension as a lump sum (in which case you are over the limit & can't do it anyway)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards