New here, and some of the other posts have given me some pointers on Buy Out Bonds.
I am in a company pension scheme, fund is worth 260 k at the moment, 17 years service, and for various complicated reasons I am considering leaving the job in the coming months, so this would not be a redundancy situation.
Salary 58,500, and in the scheme for 16 years. Current age 45.
Have been looking at the various Buy Out Bond options, and need clarification on a few items.
Are these statements correct.
Would I be eligible to transfer into a buy out bond and take benefits as early as 50 years old. One can drawn down as early as 50 years old, may not advisable but checking the facts.
What is the maximum tax free lump sum payment that I could take, based on the above, that can be taken at aged 50. Assuming fund value 260k.
What would the estimate be on the ongoing pension amount after drawdown at 50.(assuing max tax free lump sum taken).
Tips on transfer charges and ongoing management fees and other charges, I understand there is an exit charge if one has the buy out bond less than 5 years, and activates it, within the chargeable period.
I am in a company pension scheme, fund is worth 260 k at the moment, 17 years service, and for various complicated reasons I am considering leaving the job in the coming months, so this would not be a redundancy situation.
Salary 58,500, and in the scheme for 16 years. Current age 45.
Have been looking at the various Buy Out Bond options, and need clarification on a few items.
Are these statements correct.
Would I be eligible to transfer into a buy out bond and take benefits as early as 50 years old. One can drawn down as early as 50 years old, may not advisable but checking the facts.
What is the maximum tax free lump sum payment that I could take, based on the above, that can be taken at aged 50. Assuming fund value 260k.
What would the estimate be on the ongoing pension amount after drawdown at 50.(assuing max tax free lump sum taken).
Tips on transfer charges and ongoing management fees and other charges, I understand there is an exit charge if one has the buy out bond less than 5 years, and activates it, within the chargeable period.