Buy Down

[deucepost]

Hello fellow posties,
Looking for your thoughts on this,i've been in with the manager this morning and it looks like i'm up for this and was wondering if the figures quoted stand up.
Just over 19 years in the job and he said i'd get just over 9K and that would be taxed so looking at 7K give or take still to get this in writing or 10,5K into pension and no tax but I think I will take the money and run.
Also he said about my pension being affected which I understand but is the final salary part of the pension included in this or is that ring fenced as they like to say.
Cheers Bryan.

[tommyrep]

Hello fellow posties,
Looking for your thoughts on this,i've been in with the manager this morning and it looks like i'm up for this and was wondering if the figures quoted stand up.
Just over 19 years in the job and he said i'd get just over 9K and that would be taxed so looking at 7K give or take still to get this in writing or 10,5K into pension and no tax but I think I will take the money and run.
Also he said about my pension being affected which I understand but is the final salary part of the pension included in this or is that ring fenced as they like to say.
Cheers Bryan.

I am in a similar situation. Aged 60 is it a better option to transfer into the pension offer or take the cash less tax and NI ?? I think the cash offer is low and just wondering if the pension offer would be better in the long run. Any advice would be appreciated

[RobertT]

As far as I’m aware the final salary element of your pension is ringfenced and will continue to increase with inflation. However the pension you build up after you take buy down will obviously be less due to earning less pay.

To be honest I’m not 100% sure where the money goes if you put it in the pension. Are you buying more years in the FS/CARE scheme or does it go into an AVC?
If you’re buying more years, then that will generally be better over the long run than the other options but these things will always come down to personal circumstances.