No. Your overall Revenue max is the combined figure based on service and salary in each scheme. The fact that you have two AVC pots does not increase the size of the lump sum.Thanks a million for your reply Conan.
My normal retirement age is 65 and my current salary is 83,000. If the combined avc tax free lump sum is below the 200k for example 120k then can I take the remainder up to 500k at a tax rate of 20%. Ie 120k to 500k at 20%..
Cheers
But that only applies to a Defined Contribution Scheme. The OP said his benefits are Defined Benefit, so the max of 150% of Salary applies, assuming you have at least 20 years service.Is the lump sum not limited to 25% of the fund value? I thought to access 200k tax free you'd need to have a fund of 800k.
Ok, thanks for clarifying!But that only applies to a Defined Contribution Scheme. The OP said his benefits are Defined Benefit, so the max of 150% of Salary applies, assuming you have at least 20 years service.
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