calculating value of lgps pot

Nual

Be grateful if some of you really clever people can explain to me how to work out the value of my lgps pot, in order to know how much to pay into AVCs to take the maximum 25% tfls from this, but not have to buy pension with it.

I have googled and have had a variety of results about the calculation.

I already have an automatic lump sum ( pre 2008) and a frozen equitable life AVC. The statement on the latter arrived today and as it has increased a fair bit I thought I had better check as my plans on how much to pay into current AVC and take the max tfls are affected.

Thanks

jem16

Nual wrote: »

Be grateful if some of you really clever people can explain to me how to work out the value of my lgps pot, in order to know how much to pay into AVCs to take the maximum 25% tfls from this, but not have to buy pension with it.

I have googled and have had a variety of results about the calculation.

You multiply the annual pension by 20 and then add on any automatic lump sum.

Have you already started an AVC contract with the LGPS? If not it's no longer available.

Nual

Thanks jem. I saw that one but there were lots of others.

Yes, I started AVCs a while ago.

So I dont add the value of the AVC pot(s), just the pre 2008 automatic lump sum ?

jem16

Nual wrote: »

Thanks jem. I saw that one but there were lots of others.

Yes, I started AVCs a while ago.

So I dont add the value of the AVC pot(s), just the pre 2008 automatic lump sum ?

You only asked about the value of the LGPS pot which is what I gave you.

If working out the maximum tax-free lump sum available then you would also add in the value of the AVC pot. The 25% is then taken from that total.

Drp8713

Its (Pension x 120) + (Lump Sum x 10) + (AVC x 10) x 0.25 / 7 = Maximum Lump Sum.