cash balance question

[charli67]

pension 2.jpg

by selecting option 3a do i get a tax free lump sum of £9818.47 then a further payment 8 weeks later of £9083,64 less tax?

[max49]

Looking at your form, in options 1, 2 & 3 in the "Left over benefits in Cash Balance" box should you have all your Cash Balance, because it hasn't been used as part or all of the tax-free lump sum?

[RobertT]

pension 2.jpg

by selecting option 3a do i get a tax free lump sum of £9818.47 then a further payment 8 weeks later of £9083,64 less tax?

I have no experience of taking any of my RM pension benefits, but on the face of it, yes.
I assume the 8 weeks is mentioned somewhere else on your documentation?

Looking at your form, in options 1, 2 & 3 in the "Left over benefits in Cash Balance" box should you have all your Cash Balance, because it hasn't been used as part or all of the tax-free lump sum?

You can choose not to take your Cash Balance(DBCBS) with your main benefits, in which case you could take it at a later date or else transfer it out.

[vmaxv4]

Are there any benefits for taking it early as in the documentation?.
Eg Tax implications?

[RobertT]

Are there any benefits for taking it early as in the documentation?.
Eg Tax implications?

I believe any decision to take/transfer your DBCBS separately from your main benefits, would mean the usual 25% being tax free and the remainder being classed as income and potentially taxed, depending on other income.

But how you access your pension benefits can vary, and therefore the tax implications will always depend on personal circumstances to one degree or another.

[vmaxv4]