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Should I take a lump sum from my Civil Service Pension?
Comments
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Thanks to everyone who responded.
Just to note that the figures were made up and just illustrative. I've checked the pension scheme literature and I would get £12 lump sum for every £1 given up in annual pension. I assume that's the commutation rate?
I intend to retire at 60 and am in reasonable health so I'm getting the impression from your helpful responses that I should ignore my colleague!
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12:1 seems to be the standard public sector commutation rate - for newer pensions anyway, and it's pretty dire.1
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