BT Pension & AVC lump sum

madeinireland_2

Thanks for the confirmation robin61.

Oldus gittus - I'm surprised you only got between £45 and £46 as any reference seems to suggest at least £49 - but I have just asked the pension centre for the current conversion rate assuming I was 60 to see what it would be.

oldus_gittus

Yes, seems a tad low but trouble is there is no way you can check it yourself. I did ask for some sort of conversion rate but all they could offer was a quote. I bought extra pension with my lump sum I received in 2008 under " Newstart " when I left ( and then deferred till 2014 age 60 ), don't know if this had any bearing on the figures.

I converted £64419 into £2951.44 extra per year.

madeinireland_2

Ah isn't it a case that you bought it at 54 then rather than 60 ? I can see why it wouldn't be £49 or £50 in that case as I was referring to conversion of the lump sum at 60 when I actually take the pension.

oldus_gittus

I have bought two lots of pension. Extra pension when I left in 2008 using my redundancy money under the " increasing your pension " option and then at 60 using my TFLS ( yes I knew the tax implications ).

It has just occurred to me what may have happened...buying the extra pension with the redundancy cash has caused the TFLS to increase.
Because I have already converted the redundancy money to increased pension, it means that part of the TFLS figure is made of redundancy money..but that was already used for buying extra pension so it would need to be taken off before reverse commutation otherwise it would be counted twice....I think..