I am a teacher and I am planning on CNER - age 57 or 58 in 4 / 5 yrs time. I will have approx. 37 yrs at 58.
I understand that if I have 40 years service I would get a tax free lump sum of 150% of my final salary.
If I retire with less than 40 years the Tax Free Lump Sum would be less than 150%.
My question is - can I make up the difference through an AVC. Or is the 150% tax free only possible with maximum 40yrs service?
Thanks - Sidzer
I understand that if I have 40 years service I would get a tax free lump sum of 150% of my final salary.
If I retire with less than 40 years the Tax Free Lump Sum would be less than 150%.
My question is - can I make up the difference through an AVC. Or is the 150% tax free only possible with maximum 40yrs service?
Thanks - Sidzer