Pension tax free lump sum.

[RD200]

My wife is about 17 months away from taking her DB pension.
She's just had an update and had the details of transfer value, yearly payout, and yearly payout with 25% lump sum options.
Now the lump sum figure stated only works out to 15% of the transfer value.
Can someone please explain what I'm missing?
Thanks

Yes there's a different way of working out the lump sum which as youve found out isn't 25%
Do you know her commutation factor ?

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