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Civil Service Pension lump sum query
elena_c_2
Posts: 2 Newbie
Evening all, I hope that someone here may know the answer as I am going round the houses with Google!
I have applied for my Civil Service pension and have received a letter from them saying that the quote will use up £29,895.87 of my lifetime allowance and, as it's below £30,000 and does not exceed the small pensions commutation maximum, I may be eligible to take it as a one off lump sum payment.
It says that this can only be done if my benefit entitlement under all registered pension schemes does not exceed £30,000.
My question is - does this include my state pension?
I have applied for my Civil Service pension and have received a letter from them saying that the quote will use up £29,895.87 of my lifetime allowance and, as it's below £30,000 and does not exceed the small pensions commutation maximum, I may be eligible to take it as a one off lump sum payment.
It says that this can only be done if my benefit entitlement under all registered pension schemes does not exceed £30,000.
My question is - does this include my state pension?
0
Comments
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No it doesn't, ignore SP for this purpose.The questions that get the best answers are the questions that give most detail....0
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https://www.pensionsadvisoryservice.org.uk/content/publications-files/uploads/Taking_small_pensions_Detailed_SPOT008_V1.5.pdf
You have to add all the benefit values of all company pensions/personal pensions/stakeholder pensions/retirement annuities/buy-out plans (but not any state pension) together. If they do not exceed £30,000 (before 27 March 2014 the limit was £18,000), trivial commutation may be a possibility.0 -
Thank you both - that is a HUGE relief!0
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