Nearing retirement?

Be ready to make your move

Did you know it can take up to 6 months or more to complete the retirement process? Make sure you know your options and the steps to take, so you can access your retirement savings when you want to. 



6 months before your Target Retirement Age (or on request) the Plan’s administrator will send you a Retirement Pack which includes details about your Plan benefits, options and what you need to do next. A couple of days after that you’ll also receive a personalised annuity pack focused on your choices within this option (if you select it). 

You will receive a copy of the My Retirement guide in your pack - you can also download this here


To help you consider your Plan options and make informed decisions, book an appointment with the Retirement Guidance Service, paid for by the Company and provided by Willis Towers Watson. This service is available to all members age 55 and over. 

To book an appointment, email


Under the freedoms and flexibilities introduced in April 2015, you have more options around how you access your retirement savings. Go to the next slide to consider which option might be right for your personal circumstances.

Find out more

Your Plan Retirement options

You can choose one or a combination of the following:

An annuity is a contract with an insurance company, purchased with your pension account, which will provide you with an income for the rest of your life. Once you have bought your annuity (and the cancellation period has expired), you cannot (as the law currently stands) normally change it. Therefore, it is important that you consider all your options carefully and select an annuity that suits the financial needs of you and your dependants; both when you retire and in the future.

You may wish to consider taking advantage of the increased flexibility available through income drawdown. Income drawdown works by transferring your retirement savings into an arrangement where you can decide how to invest the money from the funds available. Then you gradually draw a taxable income from your investments.

Whichever retirement option you choose, you may also decide to take a tax-free cash lump sum which is generally 25% of benefits (subject to a maximum of 25% of the Lifetime Allowance). If you are taking your pension savings in more than one segment, then this applies to each segment of your pension savings separately.

You will be able to take 25% of your benefits as tax-free cash, but the remainder will be taxable at your marginal rate of income tax. Within the Plan you can take either 1 or 2 lump sums over 2 successive tax years. 25% of each segment paid would be tax free. 

More about these options is in the My Retirement Guide.  You can also discuss your options in your Retirement Guidance session.