11 Mar 2018, 19:15
11 Mar 2018, 20:46
12 Mar 2018, 17:38
12 Mar 2018, 23:21
Hawkey99 wrote:Talk about confusing.
My current understanding is that when I take my NRA 60 if I take it all as a pension I also take part of my AVC but I don't really know and am awaiting a reply.
13 Mar 2018, 11:13
13 Mar 2018, 20:49
14 Mar 2018, 12:48
14 Mar 2018, 15:00
Fatboyslim wrote:It’s tax free. As well as lump sum that’s also tax free. I always intended to take avc as one lump sum.
As again when I got forecast off Zurich- it was just over 40 years. Before I would have been in pocket. If I’d have taken it yearly as an income. Well I cannot see the point of waiting beyond my 95th to see a profit.
14 Mar 2018, 15:17
14 Mar 2018, 15:24
14 Mar 2018, 15:30
14 Mar 2018, 20:35
14 Mar 2018, 20:48
Hawkey99 wrote:This is a very tricky subject and i spoke to the Pensions team today and asked the following question:
Can you tell me if I take my NRA 60 and my maximum lump sum how much of my overall AVC can I take.
Answer: I will have to forward to my supervisor and get back to you.
The thing is if you have 2 pension (NRA 60 & NRA 65) I wanted to know what % of the AVC goes with each pension. i.e. if I take the NRA 60 now how much of my AVC could I take. Is this done in % terms of the overall pension pot.
I wish I went to school more..................
14 Mar 2018, 21:12
14 Mar 2018, 23:02
Hawkey99 wrote:hi heapsy,
You are 100% correct but how does this translate into working out your lump sum and the amount of AVC, if you only want to take your NRA 60 at this stage with the maximum lump sum and some AVC.
If I give some fictitious figures it might help.
Section C being taken at 55
NRA 60 £9200 no lump sum
NRA 65 £7170 plus £47,000
If you have £48,000 in your AVC
How would you work out how much of your AVC pot you could or would take out with your NRA 60 pension without paying any tax.