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How much could your lump sum payment be?

Publication date: 24/09/2024 09:28:31

UK Money

The LGA have updated their online tools and calculators to help members better understand how their pension work, especially regarding lump sums.

Lump sum calculator

Have you ever wondered about how much you could get if you chose to give up some of your pension for a cash lump sum and how it will affect your income in retirement? Then this easy-to-use calculator Lump sum calculator :: LGPS (lgpsmember.org) is what you need.

The LGA has improved its existing calculator so you can see all percentage breakdowns, which was previously done in multiples of 5 per cent.

The maximum lump sum is generally 25% of the capital value of your pension benefits and is tax-free. There is a link to the calculator in the related links box.

Maximum AVC lump sum calculator Maximum AVC lump sum calculator :: LGPS (lgpsmember.org)

This new calculator can estimate the maximum amount you could take from an Additional Voluntary Contribution (AVC) fund.

AVC’s allow you to pay more to build up extra savings for retirement by paying in additional contributions each month, aside from your regular monthly contribution.

Follow the link in the related links box to use this calculator and find out the value that you could take as tax-free cash.

To see all the tools that are available to help you find out more about your pension, go to the tools and calculators page of the LGPS website. Tools and calculators :: LGPS (lgpsmember.org) 

 

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