The issues raised in this thread are of interest to me.
Details:
DB scheme
Potential 40 years service
Company car and 5K bonus per year.
Age 43
As I understand it I can pay ACV contributions up to 25% of my total remuneration (including the value of the BIK on the car and the bonus)
The maximum my total pension can be is 2/3 of my final remuneration (including car bik and bonus)
And
Max lump sum can be 1.5 times my final remuneration (including car bik and bonus).
What happens if in the years leading up to my retirement I lose the car and the bonus for some reason?
As I understand it my final remuneration will reduced and so will the max limits that I am entitled to. My AVC funds will bring me over the “new” revenue limits that apply. The will be new as they are based on my reduced final remuneration.
Thanks
Details:
DB scheme
Potential 40 years service
Company car and 5K bonus per year.
Age 43
As I understand it I can pay ACV contributions up to 25% of my total remuneration (including the value of the BIK on the car and the bonus)
The maximum my total pension can be is 2/3 of my final remuneration (including car bik and bonus)
And
Max lump sum can be 1.5 times my final remuneration (including car bik and bonus).
What happens if in the years leading up to my retirement I lose the car and the bonus for some reason?
As I understand it my final remuneration will reduced and so will the max limits that I am entitled to. My AVC funds will bring me over the “new” revenue limits that apply. The will be new as they are based on my reduced final remuneration.
Thanks
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