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VGPS
|About to retire

If you were previously a member of the J O Grant & Taylor (London) Limited Staff Pension Scheme, please refer to About to retire instead of the information on this page.

Plan your future

One year before your retirement date

Consider whether you want to retire at your Normal Retirement Age 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.

Get your retirement quote

Your options

When you reach your Normal Retirement Age, 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. When you take your pension, you can choose between:

  • A pension that will receive annual increases in line with the Scheme rules
  • A higher initial pension that will not increase each year (known as Pension Increase Exchange or PIE)

Log into your VGPS account to explore these options further. When you log in, you’ll find:

  • A video explaining the PIE option
  • Information on what you should consider when deciding if PIE is for you

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.

Explore your options

Log into your VGPS account and go to the My Retirement page to explore your retirement options.

On the My Retirement page, you’ll find:

  • A step-by-step guide to making your decision
  • A short video giving an overview of the retirement options available to you
  • A generic side-by-side comparison of the options

Deciding how to take your pension benefits is an important decision, so although this guidance should help you to make a decision, you may also want to consider taking independent financial advice.

Log into your VGPS account

Other savings

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.

Independent financial advice

The Trustee has appointed WPS Advisory, a firm of financial advisers, to help you decide which option at retirement is right for you. To find out more, log into your VGPS account.

If you do not wish to use WPS Advisory’s services, you can use your own financial adviser. You can find information on how to choose a financial adviser via the MoneyHelper website.

Your alternatives

Early retirement

You may take early retirement at any time from age 55. The law has recently changed so that the minimum age at which members may normally start to take their pension benefits is increasing from age 55 to age 57 from 6 April 2028.

The legislation includes a provision to protect the current minimum pension age of 55 for certain members of pension schemes. If you are considering early retirement after 6 April 2028, you should check with the VGPS Administration Team (or your current pensions provider for benefits outside of the Scheme) on the rules that will apply to your benefits.

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.

Late retirement

You may be able to delay taking your pension if you want your pension to start after your Normal Retirement Age. The options available to allow members to postpone payment of their pension were amended for some members by a deed of amendment dated 24 March 2022. This option is generally only available with Trustee agreement. Choosing this option may also impact your Annual Allowance. It is your responsibility to manage your personal tax affairs and we strongly recommend that you take independent financial advice if you are considering delaying payment of your pension.

If you 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.

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.