You will have the option of either leaving your benefits in the Plan until retirement or transferring the value of your benefits to another registered pension arrangement.
You may receive your pension at any time from age 55, with Company consent. Details of your pension on retirement can be provided on request. Please note that the government intends to increase the minimum retirement age from 55 to 57 from the 6 April 2028.
The pensions team will write to you at your home address after you have left, providing you with a personal statement setting out your pension options and the relevant figures to enable you to make your decision.
For further information, please see the Pensions and redundancy leaflet (PDF 127KB).
- Should I obtain financial advice?
Yes, the Trustee recommends that you seek independent financial advice before making any decision that affects your pension. If you are looking to transfer any Defined Benefit (DB) pension and the value is over £30,000, independent financial advice is required before the transfer can proceed.
Pension Wise is a free and impartial guidance service for Defined Contribution (DC) benefits 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. You can also visit the Money and Pensions Service website - This link opens in a new browser window to find an independent financial adviser in your area.
