K
Kevin Faulks
Guest
I am due to retire in ten years time at age 65, having completed 40 years in the Civil Service. As such, I should receive my full pension (50%) and lump sum of one and half year's salary.
I am also continuing to contribute monthly to an AVC (Cornmarket) with a view to augmenting my Civil Service pension through an ARF or (more probably) through an annuity.
I take it I will not be able to drawn down much if any of my AVC as a tax free lump sum, but I take it I would be able to invest the lump sum in an ARF or annuity and then pay incone tax on the interest from the ARF or annuity
Grateful for any views on whether this a correct assumption or are there other tax implications I should take into account
Also, can anyone let me know (approximately as I know this fluctuates etc.) the current rate of annuity payment for a single life taken out at age 65.
Would appreciate any advice on the above. With thanks.
Kevin
I am also continuing to contribute monthly to an AVC (Cornmarket) with a view to augmenting my Civil Service pension through an ARF or (more probably) through an annuity.
I take it I will not be able to drawn down much if any of my AVC as a tax free lump sum, but I take it I would be able to invest the lump sum in an ARF or annuity and then pay incone tax on the interest from the ARF or annuity
Grateful for any views on whether this a correct assumption or are there other tax implications I should take into account
Also, can anyone let me know (approximately as I know this fluctuates etc.) the current rate of annuity payment for a single life taken out at age 65.
Would appreciate any advice on the above. With thanks.
Kevin