Hi,
I am hoping to access an old employer's DB pension when I turn 50 next year and draw down 25% tax free. I am now a public sector worker and will be entitled to public sector pension at 65. I am wondering if receiving the 25% tax free sum at 50 will have an impact on what I can receive as a tax free lump sum when I turn 65? Will I still be entitled to a tax free lump sum of up to 1.5 times my final salary (less 1/40th for every year less than a full 40 worked etc.) or will the 25% sum drawn down at 50 be deducted from the lump sum I entitled to draw down upon retirement at 65?
Appreciate any and all advice.
Gerry
I am hoping to access an old employer's DB pension when I turn 50 next year and draw down 25% tax free. I am now a public sector worker and will be entitled to public sector pension at 65. I am wondering if receiving the 25% tax free sum at 50 will have an impact on what I can receive as a tax free lump sum when I turn 65? Will I still be entitled to a tax free lump sum of up to 1.5 times my final salary (less 1/40th for every year less than a full 40 worked etc.) or will the 25% sum drawn down at 50 be deducted from the lump sum I entitled to draw down upon retirement at 65?
Appreciate any and all advice.
Gerry