Under current tax law you now have some scope to choose a bigger lump sum by giving up some pension.
Every £1 of yearly pension you give up gives you an extra £12 of lump sum. In the same way, giving up £100 of yearly pension would give you an extra £1,200 lump sum, and so on. There are HM Revenue and Customs (HMRC) limits, and the ready reckoner below will check these for you.
Retiring late
