Lump sum 55

THEORACLE777 · Post by **THEORACLE777** » 07 Dec 2017, 15:16

Started 1995 done 19 years service took ihr i also tranfered 8 years of old job pension over anyone know what im looking at im 55 next year

Post by **RobertT** » 07 Dec 2017, 16:09

Virtually impossible to say! But the figures on your last annual statement will be a good place to start.

Roughly speaking, your pension will have an overall value of 20x your total annual pension, your lump sum will be 25% of that. But you’ll see a 5% reduction for each year you take it before normal retirement age, which is 60 for pre 2010(NRA60) pension and 65 for after 2010(NRA65).

Whether your transferred in pension is treated as NRA60 or NRA65 would I assume, depend on when it was transferred.

You will be able to get a firm quote from the pensions dept. nearer the time. See the website.

THEORACLE777 · Post by **THEORACLE777** » 07 Dec 2017, 16:42

Thanks robert

THEORACLE777 · Post by **THEORACLE777** » 08 Dec 2017, 19:18

Robert i got my annual pension quote today its £5940 so is it 20x that for pension sum cheers mate

Post by **RobertT** » 10 Dec 2017, 15:16

I assume some of that will be your NRA60 pension and some of it will be NRA65?

So as i suggested earlier, if you want to take all of it at 55, the NRA60 will need to be reduced by 25% and the NRA65 by 50%. When you’ve done that, multiply the total by 20 and divide by 4, and that will give you a rough idea of what your lump sum is likely to be.