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You may commute up to a quarter of your pension if you have 30 years or more pensionable service or have reached age 60. If you have between 25 and 30 years service you can you can exchange part of your pension to provide a maximum cash sum of 2.25 times your remaining pension.

Years of Service

After 30 years service

Age on day pension commences

Years
Months

Pensionable earnings

Commutation Factor

Full pension earned

Tax implications for the cash lump sum only affect those with a commutation factor in excess of 20.0

Option One
Maximum tax free cash allowed by HMRC
Pension commuted
Max cash taken
Gross pension remaining
(if gross pension exceeeds £42,475 there will be an additional tax charge)
Net monthly income

Option Two
Maximum cash available
Tax due on excess at 55%*
Pension Commuted
Cash net of tax
Gross pension remaining
(if gross pension exceeeds £42,475 there will be an additional tax charge)
Net monthly income

Between 25 and 30 years service
	Years service
	Age on day pension commences	Years Months
	Pensionable earnings

	Commutation Factor
	Full pension earned
	Maximum cash available
	Reduced pension
(if gross pension exceeeds £42,475 there will be an additional tax charge)
	Net monthly income

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