My options at retirement
Approximately six months before your selected retirement age, the Plan will send you retirement option forms so you can make a decision on what to do with your Pension Pot.

As a member of a defined contribution pension arrangement, you have a variety of options for what you can do with your Pension Pot now you are approaching retirement.

You could use your Pension Pot to purchase a monthly income for the rest of your life.

You can also take 25% of your Pension Pot as a tax-free lump sum and use the rest to buy a pension. We will tell you more when you get closer to retirement.

See the MP03 section booklet or the AE Section booklet for full details on your retirement options.

The options you could access if you transferred your Pension Pot out of the Plan to another provider include:

Single lump sum
You could take all your Pension Pot as a one-off lump sum. 25% of this would be tax-free and the rest would be taxed as income. Please consider this option carefully, especially if you have a large amount of pension savings.

Flexible drawdown
This option allows you to dip into your Pension Pot and withdraw smaller lump sums when you need them. This means that you could benefit from further investment growth. You would still get 25% of your Pension Pot tax-free.

Financial guidance and advice

Pension Wise is a free and impartial guidance service set up by the government, which aims to help you understand your choices and how they work. You can find out more on the Pension Wise website at You can also visit the Money Advice Service at to find an independent financial adviser in your area.


Aviva is offering additional discounts to its online premiums for car, home and travel insurance to new Aviva customers.

To find out more go to where you can find details of the products available and any eligibility criteria that may apply.