Lgps

pieropan

Thanks to all who replied-it is amazing what you can learn here.Have had a reply from Administrator 'The standard scheme lump sum is a compulsory part of your retirement benefits and it cannot be converted into a pension'.
Presumably that leaves an annuity or an investment of some kind.
rgds
Pieropan

mania112

bilbo51 wrote: »

Have you got a scheme reference for that please?

I understood that to be the case for all schemes (a rule set by HMRC) but there is every chance i'm wrong.

My understanding:

Final Pension x No. of years service / 25% = Max Lump Sum

If this is under Lifetime Allowance and under 150% of final salary, it's tax free.

Please correct my mistakes as I am also learning.

xylophone

Please correct my mistakes as I am also learning.

See post 7 and 8 above re LGPS scheme.

oscarward

I recently took a deferred LGPS (West Mids) pension, I did ask specifically if I could increase regulsr payments for a reduced lump sum and was told that was not possible. I could increase lump sum for reduced regular payments though.

Zero_Sum

mania112 wrote: »

I understood that to be the case for all schemes (a rule set by HMRC) but there is every chance i'm wrong.

My understanding:

Final Pension x No. of years service / 25% = Max Lump Sum

If this is under Lifetime Allowance and under 150% of final salary, it's tax free.

Please correct my mistakes as I am also learning.

but that makes no reference to transfering lump sum to pension. Which I think has now been proved, you can't do.