Lump sum conversion rates…recent examples?

[NorthernBoy]

Hi all am approaching 55 and will be sending off for my early pension figures for nra 60 and nra 65 in a couple of months. (section c)

Has anyone got any recent conversion rates for giving up pension to lump sum that they can share as I as I know it can vary

I think it is generally around £1 given up gives you £20 lump sum, but I don’t know if this is still the case.

Also is the conversion rate different for nra 60:and nra65?

Any info would be great as I am trying to work out what m6 max lump sum could be.

Thanks all.

[NorthernBoy]

Just bumping this thread up to see if anyone has any recent figures.

Eg how much lump sum did you get for sacrificing X amount of yearly pension.

Im in section c and have nra60 and nra65, looking to take both this year at age 55. Probably plan to take max lump sum if the conversion rate is good.

Thanks

[SWIM]

how many years you done?
interested in seeing some examples too....

[robking]

Just bumping this thread up to see if anyone has any recent figures.

Eg how much lump sum did you get for sacrificing X amount of yearly pension.

Im in section c and have nra60 and nra65, looking to take both this year at age 55. Probably plan to take max lump sum if the conversion rate is good.

Thanks

If you're 55 just ask the pension office for a quote, no obligation.

[heapsy]

The NRA65 doesn't have a commutation figure. It has an automatic lump sum, regardless of which section you are in. You may end up with an UFPLS from the NRA65. Regarding the NRA60, I think the commutation rate is 1:20.

[heapsy]

The NRA65 doesn't have a commutation figure. It has an automatic lump sum, regardless of which section you are in. You may end up with an UFPLS from the NRA65. Regarding the NRA60, I think the commutation rate is 1:20.

[RobertT]

When taking Age65 benefits, you'll be given similar options to Age60, one of which is to fund your full 25% tax free lump sum by commuting some pension.
If you do that, all of the DBCBS will then be paid out as a UFPLS.

There will be people who have Age65 benefits but left the company(or just the scheme) sometime before April 2018 and so don't have any DBCBS. They will also be able to give up some pension for a lump sum!

On both counts, there clearly needs to be a commutation figure!

Rates can vary and may be different for Age60 and Age65, but they're probably more likely to vary between section A/B and C if anything.

They aren't set in stone and can depend on market conditions, age and other factors. The exact figure will be decided by the scheme actuary and amended when they see fit.