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Can I use some of my lump sum to increase my pension?

Discussion in 'Retirement' started by ljr, Jan 27, 2012.

  1. ljr

    ljr New commenter

    Do I have to take all of my lump sum on retirement or can I take a reduced lump sum and an increased pension?
     
  2. Assuming that you are on the old pre 2007 pension scheme you can not reduce your lump sum to increase your pension, you can only increase the lump sum by reducing the pension. One way around this would be to buy 'Additional Pension' from TPS, before yor retire, with your savings and then use the lump sum to replace the savings when you retire. You can find out how much it costs from the TPS website.
     
  3. baitranger

    baitranger Occasional commenter

    http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm04104925.htm
     
  4. ljr

    ljr New commenter

    Many thanks for your replies. I thought that this was the case but I wanted to check that no one else had managed to get round it somehow.
     

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