You are viewing Vodafone Group Pension Scheme (VGPS) Not your scheme?

Plan your future

One year before your retirement date
Six months before your retirement date
Three months before your retirement date

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.

Your options

When you reach your Normal Retirement Age (age 65 if you are in VGPS), there are currently three options available to you.

Option 1

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.

Option 2

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.

Option 3

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 alternatives

Early retirement

If you wish to retire before Normal Retirement Age the amount of annual pension you get will be lower because it will be paid for longer. There are special rules for early retirement for members who joined the Scheme before 1 January 1988. See the Scheme Booklet for more information.

Late retirement

If you are asked to work beyond your Normal Retirement Age your pension will be increased to reflect the shorter period you are spending in retirement. See the Scheme Booklet for more information.