What happens at retirement?


Around six months before your retirement, you will be sent a pension statement providing details of your benefits and options. You can choose to retire early, but you do have to be over 55 years of age.

Your options at retirement are as follows:

To find out how your pension would increase in payment, go to My DB section.

Tax implications
When you take your benefits from any pension arrangement, they are checked against HMRC’s Lifetime Allowance (LTA). The LTA is the total amount you can have in all your pension arrangements without paying an additional tax charge. The LTA for the 2019/20 tax year is £1.055 million.

The total value of all your pension benefits, excluding State Pension, cannot exceed the LTA, without attracting a tax charge on the excess.

Retiring due to 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 pension, subject to appropriate medical evidence.

For more information go to the long term sick leave section.


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