CS Alpha.Can you put part into payment?

michaels

For student finance reasons I want to limit my taxable income for the next few years but I also want to put my take my DB rather than only using DC (I will top up taxed DB income with DC tfls)

If I put all my alpha into payment it will be too much for student loan purposes so I just want to put enough to use up my personal allowance into payment and then put the rest into payment once the kids have finished uni.

Is this possible with Alpha? Thanks

hugheskevi

Only for active members through partial retirement. Deferred members have to take all or nothing.

Marcon

Are you an active or deferred member?

NickPoole

I think the others are right - if you are still working and reduce your hours/pay by 20% you can take part or all of your alpha pension. Also applies to classic/premium but subject to batement.

If you have left CS and alpha is preserved/deferred I think it's all or nothing.

Isthisforreal99

Based on other threads OP was retiring in April and DB pension not payavle to 2037 - that would be one big actuarial reduction to take now (assuming they are 55)

NickPoole

Isthisforreal99 said:

Based on other threads OP was retiring in April and DB pension not payavle to 2037 - that would be one big actuarial reduction to take now (assuming they are 55)

11 years early at c4% a year - 44% reduction?

DE_612183

early payment factor for someone due to retire at 67 who retires at 55 is - 0.548-0.57 ( depending on how many months after 55th birthday ).

michaels

Doesn't really matter what the reduction is, it is 'actuarially fair' - basically net cost neutral based on average life expectancy.  Am not actually yet a deferred member as am officially on career break but I suspect I could only get partial retirement by going back which I don't think I want to do...