tax on pension payments

Linton

malcb wrote: »

So, thanks to the posters, I've now got my head round compulsory purchase (pension) annuities and purchase life annuity and the different ways each are taxed on receipt.
Under my LGPS I get a lump sum (in addition to my DB pension) - am i right in thinking that I can use this to buy a purchase life annuity rather than a pension annuity - and so get the tax advantages that the former brings?
Thanks in anticipation.

If that was your plan I would have thought you may be better off not taking your lump sum and getting a larger LGPS pension if that is possible.

malcb

Linton wrote: »

If that was your plan I would have thought you may be better off not taking your lump sum and getting a larger LGPS pension if that is possible.

I think that isnt an option but have asked for quotes and that will be my first question! thanks

jem16

malcb wrote: »

I think that isnt an option but have asked for quotes and that will be my first question! thanks

An earlier poster said that her husband had asked about this with the LGPS and was told no so don't get your hopes up too much.