Deferred defined benefit pension policy

[phoenix53]

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

 

[Conan]

Whilst Revenue rules allow a lump sum of up to 150% of Salary, provided the employee has at least 20 years service, the Scheme rules may (probably) say something different.
The Benefit Statement should outline the options available at retirement. If not, she should enquire from the Scheme as to exactly what the lump sum might be.

 

[Fortune]

Whilst Revenue rules allow a lump sum of up to 150% of Salary, provided the employee has at least 20 years service, the Scheme rules may (probably) say something different.
The Benefit Statement should outline the options available at retirement. If not, she should enquire from the Scheme as to exactly what the lump sum might be.

Only if the 20 years of service ended at the normal retirement age