T
tea
Guest
My father will have 30 years service with the company that he is currently working for. He is now aged 63 and will probably be made redundant shortly (he will get stat redundancy only..no ex gratia).
He does not wish to retire and touch his pension fund until he is 65, but does want to take the max amount tax free out of his pension fund at age 65 and doesnt want the fact that he may not earn much from now until he is 65 to adversely affect this lump sum. How is the 1.5 times salary number arrived at...are there a number of years that are averaged?
He has an occupational pension plan and has made AVCS in recent years so there would be sufficient to take his 1.5 times sal + a small private pension in the fund.
thanks
T
He does not wish to retire and touch his pension fund until he is 65, but does want to take the max amount tax free out of his pension fund at age 65 and doesnt want the fact that he may not earn much from now until he is 65 to adversely affect this lump sum. How is the 1.5 times salary number arrived at...are there a number of years that are averaged?
He has an occupational pension plan and has made AVCS in recent years so there would be sufficient to take his 1.5 times sal + a small private pension in the fund.
thanks
T