Hi all, looking for some clarity on what I can and cannot do with my pensions.
M Age 54 currently employed on higher tax rate. Same employer almost 30 yrs.
20+ yrs in DB pension now closed a few yrs. Value 22k at NRA 65 but can avail of same at 60 without any reduction. DB pension indexation capped @4% yearly with CPI.
Scheme allows for approx 50% spousal pension should I die prior to my spouse.
I have also a current DC pension with the same employer with a current fund value of 90k.
Total yearly contributions avg out 15k
I'd like to end my employment @55yrs or soon after, having taken a DB transfer (DB scheme rules permit it) into my DC pen.
I have recently requested a transfer value but have not had a reply to date.
I understand 55 is not the optimum time nor are transfer values currently favourable (from reading through this forum).
I am in good health and have no intention of seeking further employment.
I have further means of income.
So my question is:
How can I maximise my cash take?
I have no interest in a yearly pension etc.
I understand I can take 25% of my total DC fund as cash.
Can I take everything after that in cash and pay tax at the various thresholds?
Apologies, bit of a long brief and a slightly raw attitude to pensions in general (I'm a cash is king / bricks & mortar kind of character) but I appreciate any information you folk can send my way.
JP
M Age 54 currently employed on higher tax rate. Same employer almost 30 yrs.
20+ yrs in DB pension now closed a few yrs. Value 22k at NRA 65 but can avail of same at 60 without any reduction. DB pension indexation capped @4% yearly with CPI.
Scheme allows for approx 50% spousal pension should I die prior to my spouse.
I have also a current DC pension with the same employer with a current fund value of 90k.
Total yearly contributions avg out 15k
I'd like to end my employment @55yrs or soon after, having taken a DB transfer (DB scheme rules permit it) into my DC pen.
I have recently requested a transfer value but have not had a reply to date.
I understand 55 is not the optimum time nor are transfer values currently favourable (from reading through this forum).
I am in good health and have no intention of seeking further employment.
I have further means of income.
So my question is:
How can I maximise my cash take?
I have no interest in a yearly pension etc.
I understand I can take 25% of my total DC fund as cash.
Can I take everything after that in cash and pay tax at the various thresholds?
Apologies, bit of a long brief and a slightly raw attitude to pensions in general (I'm a cash is king / bricks & mortar kind of character) but I appreciate any information you folk can send my way.
JP