I'm only 24 hours closer to retirement than I was yesterday you know..... !ninjaaaa
Yeah, me too.
I can't see very many people having enough of a pension entitlement built up by 50 to make this worthwhile. "Ten per cent of the relevant lump sum" is 15% of salary. That's not going to last for very much of the 10 years you'd be waiting for your pension....in those areas of the public service where permanent reductions need to be brought about, staff aged 50 or over may retire from the public service without actuarial reduction of pension entitlements they have accrued to date. Ten per cent of the relevant lump sum will be payable immediately with the balance paid later at the normal retirement age of 60 or 65 without actuarial reduction and subject to current tax law provisions.
edit: i know nothing about pensions.