Retirement

When you retire, you have a number of choices about taking your benefits from the DB Section.

You can:

  • take your annual Plan pension
  • take a tax-free lump sum of up to 25% of the value of your pension and receive a reduced annual Plan pension
  • if you’ve paid AVCs, you can decide whether to include these as part of your Plan benefits or take them separately from the Plan and use them to purchase an annuity or take a lump sum with another provider
  • take a cash equivalent transfer value (CETV) and transfer all your benefits in the Plan to a defined contribution (DC) pension arrangement with another provider.

If you’re interested taking a transfer value and your CETV is £30,000 or more, you’ll be required to take independent financial advice before a transfer can go ahead.

You can find out more about your options at retirement in our Planning for retirement section.

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