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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.

You can start to take your pension any time from the age of 55, unless you have a protected Normal Minimum Pension Age of 50. Thanks to changes in legislation over time, you can now choose to take your pension in more ways than ever.

DB Pension Calculator

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

DC Pension Modeller

Your Retirement Savings Account has a modeller that can help you plan for the life you want at retirement and explore the different options available.
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

DC Members Website

When it comes to using the savings you've built up over the years, you have more opportunities than ever before. Find out what your options are, and what you need to think about when it comes to tax and the State Pension.

You now have greater choice over how you access your pension savings. 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:


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.

Find out more

Guaranteed income

You might prefer to buy a regular retirement income – called an annuity. We have a selected annuity provider, TPT’s Pension Decisions Service (who can be contacted on 0800 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.

Find out more

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.

Find out more

Mix and match

You also have the opportunity to combine these options. For example, you might purchase an annuity with part of your savings and leave the remainder invested, enabling you to withdraw this income as and when you need it (perhaps for one off expenses such as a holiday or a car).

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.


If you’re aged 50 or over you can arrange a free appointment with Pension Wise – a government service from MoneyHelper. Your appointment will last 45-60 minutes and they’ll talk you through your options to help you make the right decision.

Click here to find out more on the options available to you on retirement.

The guide below also provides details of the options available to you.

Keeping your pension savings safe
Keeping your pension savings safe
Scammers use increasingly sophisticated methods to attract pension savers, and often sound very credible. They may have professional websites, endorsements and members of staff, but there are certain signs you can look out for:
How to spot a scam

Taking your pension

A guide to choosing the right retirement option for you