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pension forecast help

15 May 2020, 18:35

Hi can anyone help,ive been reading the forums on calculating pension but to be honest im totally baffled .im 56 and have curently 24years service.can anyone workout roughly what my pension would be if i take both NRA 60 & NRA 65 and not continue working based on the following figures i recieved for 31 march 2019
final salary pension £3777
final salary pension supplement £642
csdb £3237
csdb pension supplement £648
total pension £7014
total pension supplement £1290
cash balance fund cash £3827
i would be looking at taking max lump sum, thanks in advance

pension forecast help

15 May 2020, 19:23

Assuming you're leaving RM employment and therefore are going to get the supplement until state pension age:

NRA60 at age 60:
Pension = £5,200 + no lump sum
or
Pension = £3,900 + £26,000 lump sum

NRA60 at age 56 reduced by 20% for taking 4 years early:
Pension = £4,160 + no lump sum
or
Pension = £3,120 + £20,800 lump sum


NRA65 at age 65:
Pension = £3110 + £3,827(DBCBS)
or
Pension = £2,475 + £16,500 lump sum(inc DBCBS)

NRA65 at age 56 reduced by 45% for taking 9 years early:
Pension = £1,710 + £2,100 lump sum from DBCBS (assuming 45% reduction)
or
Pension = £1,115 + £9,075 lump sum(assuming 45% reduction in DBCBS)

The figures won't be 100% accurate and are obviously based on 2019 amounts, but they should give you a reasonable ballpark idea of what you might get.

pension forecast help

15 May 2020, 19:28

Thanks very much for your help Robert T much appreciated

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