Where the PCLS is taken from a DC pension then in the year of retirement, the total value of the pension will be shown. This is reporting the value prior to any actions in that year;
In the year following retirement, the graph shows the remaining pension (after PCLS) and the client’s savings will include the value of any residual savings from DC PCLS:
Below the bar chart, the ‘Pension Lump Sum’ reports the total amount of all PCLS taken:
Where the PCLS is taken from a DB pension, the graph will similarly show the client’s savings including the value of any residual savings from DB PCLS, in the year following retirement.