Pension from 1st April 2018 Onwards (Section C)

[freespeech]

I've been using the excellent calculator from Robert T to calculate my NRA60 and 65 benefits. However, I've just noted that this only includes the final salary and CSDB elements (in no way is this meant as a criticism). I'm wondering how I can factor in the cash balance fund too to give a better reflection of the entire pot should I decide to take "all" my pension early.

Thanks in advance.

[renrag40]

The DBCBS is designed to fund the tax free lump sum for years 2012 -18. Thereby not reducing your yearly pension for this portion of your pension.
If you take 60% of your CSDB figure on your pension statement and work out what the maximum tax free lump sum is for those years.
Then deduct the maximum tax free lump sum from your figure from the DBCBS figure. Any surplus left in the DBCBS is paid as a taxable lump sum paid at your marginal rate.
The most accurate way to work out your pension would be in 5 stages
up to 2008
2008-10
2010-12
2012-2018
2018 onwards.

[stephen500]

The DBCBS is designed to fund the tax free lump sum for years 2012 -18. Thereby not reducing your yearly pension for this portion of your pension.
If you take 60% of your CSDB figure on your pension statement and work out what the maximum tax free lump sum is for those years.
Then deduct the maximum tax free lump sum from your figure from the DBCBS figure. Any surplus left in the DBCBS is paid as a taxable lump sum paid at your marginal rate.
The most accurate way to work out your pension would be in 5 stages
up to 2008
2008-10
2010-12
2012-2018
2018 onwards.

For your interest this is how the DBCBS is used to stop, if possible, the reduction of 15% pension to fund an increase to the max lump sum of 25%.
This illustration shows how the pension can stay the same and the lump sum topped up from the DBCBS to get the max lump sum and it appears just a little bit more, £16k instead of £13K, choosing option 2A.
Money left over is know as the "excess DBCBS" and will be taxed at your tax rate, which is probally 20%.
This person had over £12000 in the DBCBS and it was spilt between topping up to the max LS and the excess DBCBS.

nra 65.jpg