If a client withdraws more than the minimum pension you have the option of an "Additional pension" or "Lump Sum Commutation from Pension". Why would you select the commutation?

A pension has no impact on a Member's pension Transfer Balance. However a commutation payment provides a credit to a Member's pension Transfer Balance Account enabling a pension Member over time to create a new pension with accumulated credits.

 

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024