If you are old enough you could take a pension and/or a cash lump sum. The options that your scheme provides on retirement can be found in your member guide that you may want to look at.
When you sign into DB Online (if you are a member of a Defined Benefit scheme) or your Retirement Savings Account (if you are a member of a Defined Contribution scheme) you will be able to request a quote of your benefits. If you can retire, the options open to you will be included in the information that we’ll send to you.
Active Scheme Members
If you are currently contributing into the scheme and want to retire you need to let your employer know. They then send us a withdrawal form confirming your date of retirement.
When we have received your withdrawal form from your employer we send you options for your retirement.
Deferred Scheme Members
When you choose to retire you can contact us with the date you want to retire and we will send options to you.
You may want to receive financial advice before taking your benefits, but be aware that there may be a charge for the time and expertise which is required. We have set out below some links to the government service (Pension Wise) and a site which allows you to search for independent financial advisors in your area.
The choice of an Independent Financial Adviser is yours alone. TPT Retirement Solutions does not make recommendations about which Independent Financial Adviser you should use, and can accept no responsibility or liability for any advice which they may give.
We offer a service where your details can be given to the TPT Pension Decision Team who can help you. This service is not free and may not necessarily meet your needs, but if you would like details please let us know as soon as possible.
If you need more information please contact us.