Retire - DB Section - Cummins UK Pension Plan
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Retire (DB Section)

Congratulations! Getting ready to retire is an exciting time, but we understand that it’s a big change which can sometimes feel a bit daunting. 

When taking your pension from the DB Section, there are a couple of things to consider, such as whether you want to take a cash lump sum, and if so, how much. If you’ve paid additional voluntary contributions (AVCs), you’ll need to decide whether to include them as part of your Plan benefits or take them separately. 

Briefly, your options from the DB Section include:

  • taking your annual Plan pension
  • taking a tax-free cash lump sum of up to 25% (capped at £268,275) of the value of your pension and a smaller annual Plan pension
  • taking a one-off payment of all your Plan benefits. This is only available to you if your benefits are less than £30,000.

Alternatively, if you think you’d like more flexibility to manage your retirement income, you can transfer out of the Plan to a defined contribution (DC) pension arrangement with another provider.

As you approach retirement, you might like to come along to one of our retirement workshops. They’re usually held on request at your local workplace and are open to all UK employees over the age of 50. If you’d like to bring your partner too, they’re most welcome. 

We look at a range of retirement topics to help you plan for a successful retirement from understanding your income needs to budget planning, investments and tax. We also look at life after work and how you might want to spend your time.

To find out when the next workshop is planned at your site, please contact your local line HR department.


  1. Request a retirement pack from the Plan administrator
  2. Decide, if any, how much tax-free cash you want to take. 
  3. If you’re considering a transfer or you’re unsure about your choices, take financial advice to help you understand the options and decide what’s right for you. 
  4. Complete the retirement option form and return it to the Plan administrator to put your benefits into payment. 
  5. Start enjoying your retirement!

Retiring is an exciting time, but it’s also a big lifestyle change which can take a bit of time to get used to once you stop working. 

On the one hand, you might be looking forward to having more free time; but on the other, you might also be worried about missing the routine of the working day and how you’ll fill your time. These feelings are normal.

Retiring to…
Rather than thinking of retirement as an event, it can be helpful to see it more as a process – one which is less about retiring from work and more about retiring to something new.

New opportunities
When the world is your oyster, knowing where to begin can sometimes be overwhelming. Now you’ve got the time, what do you want to do? Here are a few ideas:

  • Hobbies – do your current hobbies give you enough time with other people? 
  • Learn something new – retirement is a great time to develop new skills and interests. Check out the Open University, your local college or the University of the Third Age
  • Volunteer – pass your skills on to others and get more involved in your local community. 
  • Work – this might be the last thing you fancy doing, but many people take some part-time work to give structure to their lives, earn a bit of extra money or do something they enjoy.

Take care of yourself
Don’t forget that once you reach a certain age, you become entitled to different health benefits:

  • Free NHS eye test when you’re over 60 
  • Free NHS prescriptions in England and Wales when you’re over 60 
  • Flu jab – free to anyone over 65 
  • Free health check – anyone between the ages of 40 and 74 is eligible for a free NHS health check every five years.