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FAQ's
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11. Can I give up some of my monthly pension to increase my lump sum?
If you have membership in the Scheme before 1st April 2008 an automatic tax free lump sum will be payable to you on retirement. You can opt to increase the value of this lump sum by converting some of your annual pension to make a higher lump sum.
For those of you joining the pension scheme on or after 1st April 2008, you have the option of converting some of your annual pension to make a lump sum.
For every £1 annual pension you give up, you receive £12 tax free lump sum.
There are certain HMRC restrictions in place as to how much you can convert. |
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