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 your Normal Retirement Age (age 65 if you are in VGPS), there are currently 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 as a lump sum. You may take a smaller lump sum, with your annual pension amount adjusted accordingly.
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.
Be scam smart
Scammers will try and find ways to take your hard earnt cash. You are especially vulnerable as you approach retirement.
Take the time to read our dedicated ScamSmart page, providing you information on the warning signs of a scam and how you can protect yourself.