Lump Sum Allowance & Lump Sum And Death Benefit Allowance
Discussion
I am confused and the gov website doesn’t help with the search tool giving me 388 pages of hits!
I have a DB pension (actually 4) in payment and am looking to start drawdown from a DC pension. The DC provider wants to know what percentage of these allowances is used by each current pension.
First one has provided a single figure which they say is used against each allowance. I took 25% lump sum and reduced pension. The providers answer doesn’t make sense to me.
Can anyone explain or point me at at explanation of how these are calculated?
This DB pension is administered by one ISIO office that I have no confidence in, another is administered by another ISIO office so will have to see what they say.
I have a DB pension (actually 4) in payment and am looking to start drawdown from a DC pension. The DC provider wants to know what percentage of these allowances is used by each current pension.
First one has provided a single figure which they say is used against each allowance. I took 25% lump sum and reduced pension. The providers answer doesn’t make sense to me.
Can anyone explain or point me at at explanation of how these are calculated?
This DB pension is administered by one ISIO office that I have no confidence in, another is administered by another ISIO office so will have to see what they say.
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