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Pensions

06 Mar 2019, 17:03

Hi can I take a lump sum of my pension when I get to 55 and not get a monthly amount? Leave the rest until I'm 60? Thank y. I want to clear some debt and a 25% tax free lump sum would do it.
Last edited by Flojo on 06 Mar 2019, 17:26, edited 1 time in total.

Pensions

06 Mar 2019, 17:20

You can do that with a defined contribution pension, where all you're doing is building up a pot of money.

But if you're in the defined benefit RM Pension Plan and have NRA60 & NRA65 benefits, you have to take your lump sum at the same time as your pension.

Pensions

06 Mar 2019, 19:37

Thanks for your reply. Not sure what scheme I'm in.

Pensions

07 Mar 2019, 05:08

Your pay slip will tell you!

If you're in the DC scheme it will read something like: PSE Adj RMDCP 6%

Or if you're in the DB(now closed to future accrual): PSE Adj DBCBS C

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