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Lump sum calculations

18 May 2020, 11:13

Hi all,

Firstly a quick thank you on here to all those giving advice on how to work out NRA60 and 65 pension benefits from our not very helpful statement. Now, I've done that I'm trying to calculate what lump sum options a section C member has and how they impact the pension payments I have calculated. Any advice would be welcome.

I have a secondary question too. I know if I leave the business I will get the supplements until state pension age but I just wondered whether that would apply regardless of age when leaving (obviously 55 would be the earliest).

Thanks again.

Lump sum calculations

18 May 2020, 16:56

freespeech wrote:Hi all,

Firstly a quick thank you on here to all those giving advice on how to work out NRA60 and 65 pension benefits from our not very helpful statement. Now, I've done that I'm trying to calculate what lump sum options a section C member has and how they impact the pension payments I have calculated. Any advice would be welcome.

A very simple way:

Multiply NRA60 pension by 20, you can take 25% as tax free cash, divide the remainder by 20 to give pension amount.

Do the same with your NRA65, but you also have to factor in the DBCBS as it will form some or even all of your lump sum.

It won't be 100%, accurate, but it'll be in the right ballpark.

I have a secondary question too. I know if I leave the business I will get the supplements until state pension age but I just wondered whether that would apply regardless of age when leaving (obviously 55 would be the earliest).

Thanks again.

As far as I'm aware, the supplement will get paid out whenever you take your pension, as long as you've left RM employment and until SPA.

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