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How much lump sum from pension after IHR
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realitybites
- Posts: 435
- Joined: 06 Feb 2009, 11:28
- Gender: Male
How much lump sum from pension after IHR
Does anyone know what lump sum you can take from your pension after IHR. I have probably misunderstood from the pensions website but it seems to be saying the lot which has to be wrong
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RobertT
- EX ROYAL MAIL
- Posts: 6647
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: How much lump sum from pension after IHR
Which pension are you in and which website are you looking at?
Which form of IHR are you referring to? There's 2 possibilities!
Which form of IHR are you referring to? There's 2 possibilities!
Links to all RM pension related websites are here
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realitybites
- Posts: 435
- Joined: 06 Feb 2009, 11:28
- Gender: Male
Re: How much lump sum from pension after IHR
RMDCP, looking at the video hub on the official site. Didn't realise there were 2 types of IHR but suspect one means you can carry on working while the other means you cannot.
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RobertT
- EX ROYAL MAIL
- Posts: 6647
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: How much lump sum from pension after IHR
If you're in the RMDCP, then you can take all of your pot as a lump sum anytime after the legal minimum age(currently 55), with 25% being tax free.
But drawdown is likely to be a lot more tax efficient!
Leaving via IHR has no bearing on that whatsoever.
But drawdown is likely to be a lot more tax efficient!
Leaving via IHR has no bearing on that whatsoever.
Links to all RM pension related websites are here
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realitybites
- Posts: 435
- Joined: 06 Feb 2009, 11:28
- Gender: Male
Re: How much lump sum from pension after IHR
Thank you Robert, bit clearer now