Thinking of retiring

What are my options at retirement?

Your options at retirement will depend on which section of the Plan you are a member of. Please see the “Your options at retirement” leaflets for the Money Purchase 2003 section and the Auto Enrolment section. If you are a member of one of the final pay sections the budget summary leaflet gives information on your retirement options.

You also have options if you decide to continue working beyond age 62. For further information, download the Your Pension Options at Age 62 fact-sheet.

The transfer out factsheet provides information on how to transfer-out the value of your Plan benefits to another pension arrangement.

The total value of all your pension benefits, excluding State pension, cannot exceed the Lifetime Allowance (LTA), without attracting a tax charge on the excess. Most people will have pension entitlements that are substantially below the LTA and the Pensions Department will help you to establish your position at retirement.

What happens if I can't work because of ill-health?

If you are unable to continue working because of illness or injury whilst a contributing member of the Plan, you may become eligible to receive an immediate ill-health retirement pension, subject to appropriate medical evidence. The calculation of the ill-health pension depends on which section of the Plan you belong to. You can obtain full details from your section summary. Download the Ill-health benefits fact-sheet for further information.

Will I receive State pension benefits in addition to the Plan benefits?

State pension benefits are paid in addition to Plan benefits. The State scheme currently consists of two levels of benefits:

With the exception of the Auto-Enrolment section, the Plan is contracted-out of S2P, so you will not earn any S2P benefit while you are a member of the Plan. However, it is worth remembering that you may have earned some before you joined.

How can I find out more about my State benefits?

You can get more information, including an estimate of your State Pension, from the Department for Work and Pensions on-line at www.direct.gov.uk/pensions, or by calling 0845 3000 168.

How can I track down pensions with other schemes?

If you think you may have an old pension with another scheme but can't remember the details, you can contact the Pension Tracing Service.