Pensions lump sum

[Pumba75]

Originally Posted by Loftus

Once I start withdrawing from my pension I will not be making any further contributions. Thanks for the advice.

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One more thing to add, given the figures you have mentioned, and your length of service in the DB scheme, if the pension you'll receive from the DB scheme is more than around £25-30k, then you may want to check your position in relation to the Lifetime Allowance mentioned earlier in the thread, particularly if you have a lump sum entitlement in that scheme as well. There is likely to be a bit of a buffer, but it might be useful to check and keep an eye on.

Also be aware that, if your current employer provides a Group Life Assurance benefit, these can often be subject to pension scheme rules and, therefore, also count towards your lifetime allowance should a claim be made.

[disney332]

Originally Posted by Pumba75

I don't believe this is the case when you are subject to the Money Purchase Annual Allowance

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You are absolutely right Pumba, my assumption was incorrect. You CANNOT carry forward.

Sorry for jumping in...

Disney332

[Loftus]

Originally Posted by Pumba75

One more thing to add, given the figures you have mentioned, and your length of service in the DB scheme, if the pension you'll receive from the DB scheme is more than around £25-30k, then you may want to check your position in relation to the Lifetime Allowance mentioned earlier in the thread, particularly if you have a lump sum entitlement in that scheme as well. There is likely to be a bit of a buffer, but it might be useful to check and keep an eye on.

Also be aware that, if your current employer provides a Group Life Assurance benefit, these can often be subject to pension scheme rules and, therefore, also count towards your lifetime allowance should a claim be made.

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I think I'm well within the lifetime allowance limits.

[Pumba75]

Originally Posted by disney332

You are absolutely right Pumba, my assumption was incorrect. You CANNOT carry forward.

Sorry for jumping in...

Disney332

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No problem - It's not the most straightforward set rules, to say the least!

Originally Posted by Loftus

I think I'm well within the lifetime allowance limits.

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Just thought I'd highlight it.

[Loftus]

Originally Posted by Pumba75

No problem - It's not the most straightforward set rules, to say the least!



Just thought I'd highlight it.

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I'm grateful. I'm sure there are lots of things I haven't thought of and there's certainly much I'm ignorant of. Many thanks.