Person coming up to age 50, currently employed in public service.
Previous DC pension from previous employment is currently in a Standard Life Buyout Bond. Value is 48k.
Person wants to get access to some cash, as far as I know, and has been presented with these two options by Standard Life:
(1) Max lump-sum = 33.3k plus balance 14.7k which must be used to purchase annuity
(2) Max lump-sum 12k, and balance of 36k which may be placed in ARF, or purchase an annuity, or taken as taxable lump-sum
I welcome any comments.
Option 1 gives the most cash now, which they intend to put into AVCs going forward.
But option 1 will surely involve a very low annuity?
Previous DC pension from previous employment is currently in a Standard Life Buyout Bond. Value is 48k.
Person wants to get access to some cash, as far as I know, and has been presented with these two options by Standard Life:
(1) Max lump-sum = 33.3k plus balance 14.7k which must be used to purchase annuity
(2) Max lump-sum 12k, and balance of 36k which may be placed in ARF, or purchase an annuity, or taken as taxable lump-sum
I welcome any comments.
Option 1 gives the most cash now, which they intend to put into AVCs going forward.
But option 1 will surely involve a very low annuity?