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Bigger lump sum

Brenda is about to retire. She was a member before 2008, and her standard package of benefits is as follows:

Yearly pension: £9,000
Lump sum: £21,000

Suppose she decides to give up £1000 of her yearly pension, this is how her benefits would change...

Yearly pension down to: £8,000
Lump sum up to: £33,000

And in Brenda’s case, if she wanted the maximum lump sum under HMRC limits her benefits would be:

Yearly pension down to: £6,911
Maximum lump sum: £46,068

Interactive tool: working out your maximum lump sum

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