This may not be the right forum so apologies in advance.
A family member asked me this as 'the one who knows things about money' at the weekend but I did not have an answer so hoping for some guidance!
Situation:
In 2011, he received redundancy from an old job. The redundancy lump sum was approx 100k. At the time, he was a member of that company's DC pension scheme and the value of his pot was approx 125k.
For the purposes of calculating his redundancy SCSB, he waived his entitlement to a tax-free lump sum.
The company closed its doors and he received a buyout bond for the 125k.
Fast forward to the present and he at some point took the buyout bond (he *thinks* in approx 2015 with a value of *about* 150k) and transferred it into his current employer's DC pension.
His pot is now worth approx 850k.
His question to me, triggered by a pension workshop he went to, is has he, by his choice to waive his TFLS on his old pension in 2011, now removed his entitlement to his future tax free lump sum (which is clearly shaping up to be substantial)?
He is 55.
Thanks in advance!
A family member asked me this as 'the one who knows things about money' at the weekend but I did not have an answer so hoping for some guidance!
Situation:
In 2011, he received redundancy from an old job. The redundancy lump sum was approx 100k. At the time, he was a member of that company's DC pension scheme and the value of his pot was approx 125k.
For the purposes of calculating his redundancy SCSB, he waived his entitlement to a tax-free lump sum.
The company closed its doors and he received a buyout bond for the 125k.
Fast forward to the present and he at some point took the buyout bond (he *thinks* in approx 2015 with a value of *about* 150k) and transferred it into his current employer's DC pension.
His pot is now worth approx 850k.
His question to me, triggered by a pension workshop he went to, is has he, by his choice to waive his TFLS on his old pension in 2011, now removed his entitlement to his future tax free lump sum (which is clearly shaping up to be substantial)?
He is 55.
Thanks in advance!