Previous Employment Final Salery

thebullsback

xyolophone it is not the pensions mentioned in those previous threads.
I only became aware of this pension under discussion now in January of 2016.

hennerz

Is it possible to take 10% lump sum from a DB pension? Or is it always 25%? I've seen "maximum of 25%" written, but not sure if it possible to ask for less, like in a DC pension?

xylophone

Is it possible to take 10% lump sum from a DB pension? Or is it always 25%? I've seen "maximum of 25%" written, but not sure if it possible to ask for less, like in a DC pension?

In some DB pension schemes, the lump sum is available through commutation of part of the scheme pension up to 25%.

hennerz

xylophone wrote: »

In some DB pension schemes, the lump sum is available through commutation of part of the scheme pension up to 25%.

Sure - on the db pension I'm thinking about the statement shows a lump sum option. It doesn't explicitly say 25%, I am wondering, is it definitely 25% they are offering? And is there an option to take a smaller lump sum?

thebullsback

Actuarial Reduction is 4% p/a .
to help further a little about myself .
It has always been my intention IF possible to finish work at 60.I am a simple soul with simple pleasures and no great financial demands or wants such as exotic holidays ,fast cars,fast women and or a weakness for designer clothes.
I have worked since 1975 and always paid into any works pension available and in some cases even paid into AVC s as well as opting out of serps as soon as I could legally.
My wife works and intends to keep working for at least the next 5 years .we are both employed by the NHS so have decent pensions.
At 60 my NHS pension gives me around £7000 p/a plus a lump sum off £22000.At 62 another pension I have kicks in at a GMP of £2000 ish p/a i also have three other pensions that I have discussed on here last year that I reckon will provide about £1000 p/a at 65.
My wife and I have savings as well as an inheritance and feel that putting as much of this pot into savings would be more beneficial to us than receiving a yearly sum from a pension provider.