NRA 60 BENIFITS

[yorkmover123]

if I take my NRA 60 benefits early this year, at 59 will my Flexi Plan and Bonus Plan pay out a lump sum when I reach 60

[freespeech]

if I take my NRA 60 benefits early this year, at 59 will my Flexi Plan and Bonus Plan pay out a lump sum when I reach 60

As I understand it your AVC's are part of your NRA60 so would need to be taken at the same time as the pension element. So your benefits at 59 would have to include the AVC's too.

[RobertT]

if I take my NRA 60 benefits early this year, at 59 will my Flexi Plan and Bonus Plan pay out a lump sum when I reach 60

The normal use of AVC's is to fund the tax free lump sum when taking your main benefits, and specifically NRA60 because you have the DBCBS to use with NRA65.

If you take just your NRA60 at 59, then the option at 60 would be to transfer your AVC's to another pension provider. Which would mean normal DC pension rules applying to that money – only the first 25% is guaranteed to be tax free, with the remainder being classed as income and coming under normal PAYE tax rules.

If you take your AVC's at the same time as your NRA60, it will mean not having to give up any or as much pension to get the maximum tax free lump sum and will likely be the most tax efficient route.
Although the amounts involved(AVC's & main pension), plus personal circumstances will always be a factor.

[yorkmover123]

Thanks you for your reply much appreciated