Personal illustration

[RobertT]

Just spoke with Chesterfield today and they confirmed that the pension supplement would kick in for NRA 60 pension at 62 if I was still working for RM until 62 and I had taken NRA 60 pension at 60. They also confirmed that the NRA 65 pension supplement would reduce by approx 5% pa for each year if retiring earlier than 65 (in line with the reduction in NRA65 pension)

[petercostello]

I have received my personal illustration I am 57 plan on going at 60 the figures for lump sum and pension don't give an option of less pension more lump sum has this option been finished under new scheme.

[RobertT]

I have received my personal illustration I am 57 plan on going at 60 the figures for lump sum and pension don't give an option of less pension more lump sum has this option been finished under new scheme.

It does say on page 6: ‘No allowance is made……..for the option to exchange pension for cash at retirement.’

I take that to mean the current rules will still apply to pension accrued up to 31st March 2018 and you will still be able to commute some of your pre 2018 pension for a lump sum if you wish.

From 1st April 2018 onwards we’ll be paying into a DC pension scheme which is totally different to the current scheme. You could for example, take all of you post 2018 DC pot as cash if you wanted to, with the first 25% being tax free and the rest being treated as income.

Here’s a link to some basic need to know DC pension info: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

[stephen500]

I have received my personal illustration I am 57 plan on going at 60 the figures for lump sum and pension don't give an option of less pension more lump sum has this option been finished under new scheme.

I was told by pensions helpline and consultation that same options (for Pre 2018) remain. I am taking max lump sum. Ring to check yourself and let me know if you hear any different message

[petercostello]

Will do thanks everyone for helpful replies.