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Bridging the gaps - NHS 1995/2015/Add/MPAVC
spaniel101
Posts: 248 Forumite
Retirement planning in progress! Im aged 46. Current employment in NHS £12500 and planned until aged 64.
*Plan taking NHS MPAVC lump sum @ 58 or before (just PCLS 25% OR 3 x 10K - trying to avoid flexi - or can i not do this?)
*Plan on taking Deferred NHS 1995 pension @ 60 £5K p/a / £40K PCLS
- continue to pay into 2015 until 64 (approx. £120/m) 2yr buy-out then 2 yr reduction
*Plan Retire! - taking NHS 2015 pension plus Additional Pension @ 64 £6K & £10K - PCLS ??? £50K 'ish'
*Draw State Pension @ 68 or later
Is my train of thought correct in that I could take just the 25% PCLS from the MPAVC @ 58 (or before maybe) - but not enter drawdown (trying to avoid the MPAA) and what would I do with it then? Or can I not do this?
Id like the flexibility of being able to make further contributions to a further MPAVC / SIPP before aged 75, specifically suited around my employed earnings....yet trying not to be restricted by the MPAA for as long as possible? Please help? Any further suggestions much appreciated.
*Plan taking NHS MPAVC lump sum @ 58 or before (just PCLS 25% OR 3 x 10K - trying to avoid flexi - or can i not do this?)
*Plan on taking Deferred NHS 1995 pension @ 60 £5K p/a / £40K PCLS
- continue to pay into 2015 until 64 (approx. £120/m) 2yr buy-out then 2 yr reduction
*Plan Retire! - taking NHS 2015 pension plus Additional Pension @ 64 £6K & £10K - PCLS ??? £50K 'ish'
*Draw State Pension @ 68 or later
Is my train of thought correct in that I could take just the 25% PCLS from the MPAVC @ 58 (or before maybe) - but not enter drawdown (trying to avoid the MPAA) and what would I do with it then? Or can I not do this?
Id like the flexibility of being able to make further contributions to a further MPAVC / SIPP before aged 75, specifically suited around my employed earnings....yet trying not to be restricted by the MPAA for as long as possible? Please help? Any further suggestions much appreciated.
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