One year before your retirement date
Consider whether you want to retire at your Normal Retirement Age (65) or whether you would like to continue working. Track down any previous pension benefits and work out how much money you are likely to have in retirement.
Six months before your retirement date
Consider how you might want to take your pension benefits, there is a summary of your options below. Contact the Scheme Administrator to get a retirement quote for your preferred option.
Three months before your retirement date
Confirm your chosen option to the Scheme Administrator and begin preparing for your retirement.
When you reach age 65 (your Normal Retirement Age in the THUS Group plc Pension Scheme), there are three options available to you:
A full pension
Have a guaranteed income for life with a full pension. This will be paid into your bank account on a monthly basis and will receive annual increases in line with the Scheme rules.
A cash lump sum and reduced pension
Take a smaller monthly pension in exchange for a tax-free cash lump sum. You can take up to 25% of your pension tax free. The higher the cash lump sum you take, the lower your annual pension will be. Taking a cash lump sum at retirement does not reduce the amount of pension payable to your dependants when you die.
Transfer your benefits out of the Scheme
You could transfer your pension to another arrangement to take advantage of other options available. Please be aware that if your transfer value is over £30,000 you will need to take financial advice before you can transfer out.
Your Vodafone pension may not be the only savings you have for your retirement. Read more about other savings, and your State Pension entitlement in Your DB pension.
If you wish to retire before Normal Retirement Age (65) the amount of annual pension you get will be less because you will be paid for longer. There are some exceptions: for example if you were paying into the Scheme before 1 April 2007, any benefits earned before that date are payable at age 60. See the Scheme Booklet for more information.
You will need Vodafone’s consent to continue working whilst also taking your benefits from the Scheme. You cannot continue to build up benefits in the Scheme once your pension starts to be paid (unless you are taking benefits earned before 1 April 2007). See the Scheme Booklet for more information.
If you have a contractual right to work beyond Normal Retirement Age you will be able to do so. Otherwise the late retirement option is at Vodafone’s discretion. You can continue to build up benefits in the Scheme if you continue working for Vodafone.
You can give up part of your own pension to provide a pension payable to a dependant when you die. This would be in addition to any spouse or children’s pensions payable.