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    Marek. I know the scheme well.

    That 40/80th has a lump sum in addition of 3/80ths, thats 3 times the pension received. Someone on a salary of £40,000 after 40 years service would receive £20,000pa (plus state pension at age 60/65) and a tax free lump sum of £60,000. This pension, with its indexed linked benefits, guaranteed level of income relative to service and widows benefits is far better than anything that private businesses can afford these days. Its a hugely expensive scheme.

    Since 'A' day (6th April 2006) its possible in such schemes to provide a higher lump sum with a reduced pension and a Lifetime Allowance was introduced which is now £1.8m. That £20k pension above would capitalise to Lifetime Allowance (if under payment) of £500,000 under the new A day rules.

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