Thinking About Retiring?

A range of workplace pension schemes and services designed to meet the needs of employees

People retiring have greater choice than ever. Recent changes to legislation mean that there are several options available when taking pension benefits.

If you are ready to retire, ordinarily, you can access your pension when you are aged 55 and over, unless you have a protected Normal Minimum Pension Age of 50.

Defined Benefit (DB) Options

Defined Benefit (DB) Options

If you are planning to retire, let your employer know your chosen date as soon as possible. They will arrange for a retirement notice to be sent to us and we will forward your final retirement figures to you including options forms.  Once received, we will arrange for payment to be made.

Defined Contribution (DC) Options

You now have greater choice over how you access your pension savings because of changes to legislation that came into effect in April 2015. Six months before your Target Retirement Age (TRA), we will contact you with a retirement pack, setting out the retirement options available to you. Your TRA is 65 unless you have notified us of an alternative age at which you wish to retire.   You have several options available.

Mix and Match

You also have the opportunity to combine these options. For example, you might purchase a fixed term annuity for 15 years and leave the remainder invested to enable drawdown during the fixed term (for one off expenses such as holidays and cars).

Do Nothing

You may choose to leave your money invested until a time when you need it. You may wish to review your investment choices if you decide to leave your money invested.

Budget Changes

The 2014 Budget introduced major changes in how pension fund members can take their benefits. Find out which of our scheme members this change impacts and to what extent.

2014 Budget Changes - Summary Factsheet overview

The 2014 Budget introduced major changes in how pension fund members can take their benefits. Read the Government's Summary Factsheet on what's changed and how it impacts you.

Pension Calculator

We have put together a Defined Contribution (DC) Pension Calculator that may help you in planning for retirement.
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