Clerical Medical with profits pension

This_time_next_year

Has anyone taken a Clerical Medical with profits pension as a tax free lump sum recently?

My question is was the final pay out close to your most recent statement

Thanks very much

bigadaj

What do you mean by exceeding the pcls limit?

It's normally up to 25% in my experience, surely if there is additional income the whole pension will benefit eventhough the percentage will stay the same.

Unless you mean the lifetime allowance limit?

Maybe quoting actual assumed numbers might help?

dunstonh

My question is was the final pay out close to your most recent statement

That is not a good way to look at the likely value. Statements can be upto 12 months old. A lot can happen in 12 months.

Unitised WP funds have a daily value. You get whatever the daily value is when you mature the pension. So, just check the daily value at various points in the lead up and you get a much clearer idea.

Or, move it to the cash fund (as long as there are no guarantees linked to the WP fund).

I'm taking my pension in December and and concerned I will exceed the PCLS limit

PCLS is 25% of value. Whatever the value is. Do you mean lifetime allowance?

jamesd

There is no limit on the amount that can be paid as a pension commencement lump sum for a personal pension, it's up to 25% of the total pot size.

Possible exceptions include defined benefit pension AVCs where the defined contribution portion is used to pay the lump sum. In this case the total value could go above 25% of the combined value of the defined contribution and defined benefit portions.

We don't really know enough about which limit you're referring to to comment more on the specifics.