Hi, my friend is a member of a deferred defined benefit pension policy that will become payable at age 65, ie 2 years time.
She has received her benefit statement that shows her likely pension and also shows a transfer value as normal.
What she would like to get her head around is how much of a tax free lump sum she would be likely to receive and what the reduced pension would be as a result of taking the TFLS.
Provided she has had 20 years service, would she be likely to get at least 1.5 times her final renumeration as a tfls or does it depend on the pension rules?
she does not have AVCs attaching to this pension.
Thank you
She has received her benefit statement that shows her likely pension and also shows a transfer value as normal.
What she would like to get her head around is how much of a tax free lump sum she would be likely to receive and what the reduced pension would be as a result of taking the TFLS.
Provided she has had 20 years service, would she be likely to get at least 1.5 times her final renumeration as a tfls or does it depend on the pension rules?
she does not have AVCs attaching to this pension.
Thank you