tax free lump sum

Nual

Hello pension experts

This may be a daft question but I cant get my head round it.

Friend has 2 DB pensions, same provider but different rules as different times. 1st one is worth approx 31k/yr, 2nd one approx 7k/yr.

If he decides to convert the 2nd one to a cash transfer value ( with IFA advice) at the same time as taking the 1st one as a DB pension, can he get the 25% tax free lump sum of both all applied to the 2nd pension ?

Hope that makes sense and thanks

jamesd

No. Each pension scheme is considered on its own.

Nual

Ok thanks jamesd. Just to clarify - it is the same pension scheme for both DB pensions, but there is a gap in membership so two seperate quotes?

Nual

Payment would be aggregated so one monthly payment from the provider rather than two seperate payments

xylophone

Payment would be aggregated so one monthly payment from the provider rather than two seperate payments

He has checked that a transfer out of the second portion is possible?