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Pension on Retirement
Alm_2
Posts: 2 Newbie
I am in receipt of a service pension from my days in the RAF. Along with this I have been contributing to a pension fund whilst working since leaving the service. When I retire I should have a pension pot of less than £15,000 from this post service employment. Can I take this in total as cash due to its low value as someone has suggested to me. I understand that tax has to be paid on an element of it. Any info appreciated. Tks in advance
0
Comments
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Probably not. The value of your Service pension will be included in the calculation as the value of ALL your pension pots has to be below the £15k limit. IIRC DB schemes are calculated with a nominal pot of 20x the annual pension.0
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