£29,000 a year when you retire, or £1.2 million today?*
Gregg is 57 and lives in Surrey with his wife Catherine who is 54. They are both in good health, but after working for 38 years in the aviation industry, Gregg is looking to retire now. He would also like to be able to leave inheritance to his family and have a flexible income in retirement.
Gregg’s scheme will offer him £29,000 per year, or £21,000 per year with a tax free lump sum of £144,000.
However, Gregg was offered a transfer value of £1.2 million and in transferring would receive an extra £113,500 for his tax free lump sum along with the ability to vary his income as he wished. Gregg’s wife and family will now inherit his pension if he dies.