Cash Balance Fund

[chlobo]

I am looking at taking my pension early but only taking the Age 60 part ,I am in group C as worked from 89/23 so have 3 part to my pension .
The paperwork has arrived and there is a part that goes on about about the cash balance fund but I am not certain if that is included in my figures already or is this a separate pot to my age 60/65 funds ,also I am not sure what I can actually use it for does it give me 25% cash free and if so do I have to take it all and pay tax on the remaining 75% any help would be gratefully received.
Thanks Paul

[RobertT]

The Cash Balance is designed to fund the tax free cash with RMPP Age65 benefits, so you don't have to give up any pension to get that lump sum. But you can also generate the tax free cash by giving up some pension, in which case the Cash Balance is paid out 25% tax free/75% taxable.

A small amount can sometimes be taken with RMPP Age60. If you can do that, I assume your options form will say so.

It's also possible to transfer it out to a personal pension.

None of it can be taken with any RMSPS benefits.