DB Pension - Lump Sum As Well ?

Aletank

I'm 39 and have a DB Pension which i don't pay into anymore. The statements say it will pay approx £6k a year when I'm 65.
Should i expect a lump sum as well as this £6k per year or would the option at the time be a lump sum and a reduced yearly pension ?
Thanks for any info :beer:

p00hsticks

From my experience if the scheme had an option for a lump sum and reduced pension the statement would say so - I don't think all schemes do so.

Linton

The size of the lump sum and your options as to how much you take are dependent on the particular scheme rules. So have a look at your scheme documentation and/or ask your pension administrator.

molerat

Most older schemes usually had a lump sum + annual pension. The newer ones seem to be the either / or trade. The only way to find out is to read the scheme rules or talk to the administrators.

hyubh

Aletank wrote: »

Should i expect a lump sum as well as this £6k per year or would the option at the time be a lump sum and a reduced yearly pension ?

Entirely down to scheme rules. Do you not still have a scheme booklet? If not, I would have expected something mentioned on the deferred benefit statement, otherwise drop a line to the scheme administrator.