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.
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.
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.