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USS - General discussion
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Nick_Dr1 said:LL_USS said:I have just realised one more thing. Option 3 there is some DC used and commuted (to buy more DB and thus max the TFLS) but this option 3 also means it triggers MPAA (which is important for this case as it is partial retirement and the person still wishes to contribute further to the pension)1
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MarlowMallard said:I'm not sure that option 3 does trigger MPAA ? Buying the additional annual pension with DC is effectively buying a lifetime annuity, and I thought that buying a whole-life annuity does not trigger MPAA (but fixed-term annuities do) ?
The MPAA is usually not triggered if you:
- take up to 25% of your pension as a tax-free cash lump sum and leave the rest invested, or use it to buy a guaranteed income from a lifetime annuity
- take money from a defined benefit pension.
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LL_USS said:@mini850 could you please please let me know where to get the information of USS commutation factors please please :-). I don't know where to find that. Thank you.
Note that in USS jargon, "commutation" is less pension + more cash, "reverse commutation" is the opposite. Factors are slightly different and age-dependent.2 -
MarlowMallard said:LL_USS said:@mini850 could you please please let me know where to get the information of USS commutation factors please please :-). I don't know where to find that. Thank you.
Note that in USS jargon, "commutation" is less pension + more cash, "reverse commutation" is the opposite. Factors are slightly different and age-dependent.
@MarlowMallard thank you very much - I will read through this then. So many things to learn0 -
LL_USS said:@mini850 could you please please let me know where to get the information of USS commutation factors please please :-). I don't know where to find that. Thank you.1
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I appear to have MPAVC pot from Prudential which has grown in the IB to 50k now. Does anyone know the commutation rates at 56 for this? And/or if it is true that I can reverse commute this cash to buy extra RB pension at preferential rates (compared to using standard RB TFLS), AND without triggering MPPA. Many thanks !0
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LL_USS said:MarlowMallard said:I'm not sure that option 3 does trigger MPAA ? Buying the additional annual pension with DC is effectively buying a lifetime annuity, and I thought that buying a whole-life annuity does not trigger MPAA (but fixed-term annuities do) ?
The MPAA is usually not triggered if you:
- take up to 25% of your pension as a tax-free cash lump sum and leave the rest invested, or use it to buy a guaranteed income from a lifetime annuity
- take money from a defined benefit pension.
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