When you take your pension you will be able to give up some of it for lump sum, up to a certain limit. For every £1 of pension you give up you will get £12 of tax free lump sum. Use this calculator to check how much lump sum you can take and how this affects your pension.
When you take your pension your pension fund will ask you if you want to give up some of your pension for lump sum. The maximum tax-free lump sum is generally 25% of the capital value of your pension benefits.
How this tool works
Enter the value of your pension and any automatic lump sum at the date you want to take them – you then choose what percentage of your benefits you would like to take as a tax-free lump sum.
You will only have an automatic lump sum if you were a member of the LGPS before 1 April 2008. Your annual benefit statement will show the value of your pension benefits at 31 March in the current year; it may also provide an estimate at your normal pension age.