Approaching retirement
What to do if you're thinking about retiring
The Pensions Team will contact you approximately six months before your Normal Retirement Date (NRD) to let you know about your benefits. If you choose to take your benefits before your NRD then you'll need to get in touch with the Pensions Team and request a quote.
Pension Wise
If you're over 50 (and have a defined contribution pension elsewhere), you can contact Pension Wise, a service from MoneyHelper, backed by the government. They offer appointments that last around 60 minutes and you'll be offered impartial guidance about taking money from your pension pot(s).
What's the retirement process?
Request a retirement quote from the Pensions Team
1. Do you have Cash Balance benefits?
YES: Go to point 2.
NO: Decide whether to receive the full pension or elect the tax-free lump sum and residual pension option.
Receive a full pension
Receive a full pension from the Final Salary section.
Receive a tax-free lump sum and residual pension
Receive a tax-free lump sum and, in addition to a lump sum, receive a residual pension from the Final Salary section.
2. You have Cash Balance benefits, now think about if you...
Want to transfer your Cash Balance benefits
Liaise with a financial adviser and transfer your Cash Balance benefits to an alternative pension arrangement. Go to point 3.
Don't want to transfer your Cash Balance benefits
Go to point 4.
3. You've transferred your Cash Balance benefits and now want to access your Final Salary benefits...
Taking a full pension
Receive a full pension from the Final Salary section.
Take the tax-free lump sum
Receive a tax-free lump sum and a residual pension from the Final Salary section.
4. You DON'T want to transfer your Cash Balance benefits, so then you need to choose between...
Receiving a full pension
Purchase a lifetime annuity with the full value of your Cash Balance benefits
and
Receive a full pension from the Final Salary section.
Choosing the tax-free lump sum and residual pension
Select tax-free lump sum: receive a tax-free lump sum
and
Purchase a lifetime annuity with the residual Cash Balance benefits
and
Receive a residual pension from the Final Salary section.
Note: if you're retiring at age 65 and you have Cash Balance benefits, an additional option is available to receive the full value as an additional lump sum. 25% would be payable tax free with the remaining 75% being taxed at your marginal rate.