Lump sum drawdown from 2 pensions

xylophone

Any help here?

https://prudentialstaffps.co.uk/assets/uploads/documents/004179_PSPS_DBMemberBooklet_19.05.23_V19.0.0CS.pdf

https://prudentialstaffps.co.uk/assets/uploads/documents/W480007-MGPLC-Pension-Guide-E-PDF.pdf

ttps://prudentialstaffps.co.uk/assets/uploads/documents/003824a_PSPS_DBPayingAVCsGuide_10.05.23_V13.1.0MS.pdf

https://dc.prudentialstaffps.co.uk/assets/uploads/documents/file/003817c_PSPS_DCMemberBooklet_23.04.24_V9.0.0CS.pdf

Mish_Mash

xylophone said:

Any help here?

https://prudentialstaffps.co.uk/assets/uploads/documents/004179_PSPS_DBMemberBooklet_19.05.23_V19.0.0CS.pdf

https://prudentialstaffps.co.uk/assets/uploads/documents/W480007-MGPLC-Pension-Guide-E-PDF.pdf

ttps://prudentialstaffps.co.uk/assets/uploads/documents/003824a_PSPS_DBPayingAVCsGuide_10.05.23_V13.1.0MS.pdf

https://dc.prudentialstaffps.co.uk/assets/uploads/documents/file/003817c_PSPS_DCMemberBooklet_23.04.24_V9.0.0CS.pdf

Thank you. I have had a look through and it’s still not completely clear. It indicates that the total of the AVCs can be taken as part of the 25% tax free lump sum but it also says that the accumulated AVCs are held separately from the schemes main assets and are managed by the providers of those funds rather than the trustees. So not sure if that means it is considered as a separate pension. I have emailed the trustee for advice. 

Marcon

Mish_Mash said:

xylophone said:

Any help here?

https://prudentialstaffps.co.uk/assets/uploads/documents/004179_PSPS_DBMemberBooklet_19.05.23_V19.0.0CS.pdf

https://prudentialstaffps.co.uk/assets/uploads/documents/W480007-MGPLC-Pension-Guide-E-PDF.pdf

ttps://prudentialstaffps.co.uk/assets/uploads/documents/003824a_PSPS_DBPayingAVCsGuide_10.05.23_V13.1.0MS.pdf

https://dc.prudentialstaffps.co.uk/assets/uploads/documents/file/003817c_PSPS_DCMemberBooklet_23.04.24_V9.0.0CS.pdf

Thank you. I have had a look through and it’s still not completely clear. It indicates that the total of the AVCs can be taken as part of the 25% tax free lump sum but it also says that the accumulated AVCs are held separately from the schemes main assets and are managed by the providers of those funds rather than the trustees. So not sure if that means it is considered as a separate pension. I have emailed the trustee for advice. 

No. True AVCs are 'owned' by the trustees along with the assets of the main pension scheme.

Mish_Mash

Ok so I’ll take that as ‘it’s considered one scheme and therefore all AVCs paid can be counted towards the 25% tax free sum’. If that’s the case then that’s a weight off my mind. I’ll need to step away from work shortly as I have 2 parents with dementia and wanted to get everything in order over the next 18 months so I can look after them.