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DB/DC PCLS all available from DC pot – What shall I do?

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desrese Posts: 21 Forumite

1 October 2019 at 5:45PM in Pensions, annuities & retirement planning

I will retire in May 2020 at age 61. Due full SP at 66.
Wife age 60 already retired and receiving a small LGPS DB pension, enough to get by on. Due full SP at 66

I have these options:

DB Scheme:

1. £16,357 a year.
2. £15,800 + Temp. pension of £2,929 until NRD.
3. PCLS of £148,844 (including part of DC fund) + a pension of £16,357 a year.
4. PCLS of £148,844 (including part of DC fund) + a pension of £15,800 + Temp. pension of £2,929 until NRD.

DC Scheme:

£341.000 @ current contribution levels and dependant on disinvestment values. I intend to invest this in a SIPP as my company scheme is very inflexible.

Plus:

A protected rights pension of £1,601 a year from a transfer in.

It was my intention to use the £80k (25% ish) of the PCLS from the DC scheme to make use of this and next year’s S&S ISA allowance.

I now know I can take £148,844 from the DC pot as PCLS and keep the DB untouched, which seems like a gift!
But what do I do with the remaining £68k that is tax efficient, UFPLS?

This discussion has been closed.

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DB/DC PCLS all available from DC pot – What shall I do?

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