Pensions and retirement

Thinking about retirement?

TPT Retirement Solutions offers a range of workplace pension schemes and services designed to meet your needs when planning for retirement.



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.

Pension Calculator

We have put together a Defined Contribution (DC) Pension Calculator that may help you in planning for retirement. Please note that these are estimates based on the figures you provide. 

Improved pension flexibility from April 2015

The 2014 Budget introduced major changes in how members can take their benefits. Find out further details on the options available to you.

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:

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Take the whole pot as cash

You can exchange your entire Defined Contribution (DC) pension fund (including a DC AVC fund) for a single lump sum. Any amount over the tax-free cash allowance (usually 25%) will be subject to income tax at your marginal rate.

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Guaranteed income

You might prefer to buy a regular retirement income – called an annuity. We have a selected annuity provider, JLT’s Pension Decisions Service (who can be contacted on 080 280 2448), or you may choose to do this through your own Independent Financial Adviser. Prior to purchasing an annuity, you can still take up to 25% of the pension fund as a tax-free lump sum.

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Have a flexible income

You may choose to take income directly from your pension pot as and when you need it. Your pension pot stays invested, so its value can go up and down. The income received is taxed as normal. Or you may choose to take a series of cash lump sums. Each lump sum would be paid 25% tax-free and the remainder at marginal rates.

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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.


Have questions about retirement?

We've compiled a list of FAQs that can help.
FAQs