Tax free lump sum.

Cockerhoop

I have an old final salary scheme under the governments PPS. It's worth about 4k per year at 65.
How would I find out how much this would be worth when calculating my total pot size.
I have about 100k sat not doing much. I am 50 and was thinking of moving it into a pension fund over the next 4 years to get the tax relief and was trying to work out how much I could take out at 55 tax free.
Thanks

dunstonh

I have an old final salary scheme under the governments PPS.

Can you clarify what you mean by "under the governments PPS.". it is not a phrase I recognise.

I initially thought you may be referring to the PPF (mixing fund and scheme up) and many people think that the compensation scheme is a Government thing when it isnt. Or you could be referring to the Parliamentary Pension scheme (which is the often used short name for Parliamentary Contributory Pension Fund which is abbreviated PCPF). Or it could be the Police Pension Scheme which is PPS but its not usually referred to as Governments PPS.

A defined benefit scheme does not have a pot value. It is a range of defined benefits payable on a certain date. You can get a transfer value with some schemes (although none of the the unfunded Govt schemes allow this any more). However, your objective doesnt seem to fit with needing a CETV. You cannot contribute to an old scheme where you are not active member and a CETV has no impact on contributions.

So, can you clarify what you are looking to achieve as well as what type of pension it is?

jamesd

It's worth nothing when calculating the total pot size that can be taken at age 55.

The calculation is done individually for each pension pot.

So the final salary scheme 25% only matters if you are taking that at 55, or later if you do it at normal retirement age.

jem16

dunstonh wrote: »

Or it could be the Police Pension Scheme which is PPS but its not usually referred to as Governments PPS.

Or it could be Public Pension Scheme - ie the LGPS but who knows.