Retirement benefits

Your normal retirement age is 65, however you may have the option to retire at any age from age 55 with Company and Trustee agreement.

At date of leaving the Final Pay section the pension was calculated as:

Pensionable service x final pensionable pay / 60

For example:

Alan joined the Plan on his 25th birthday and retired on his 55th birthday after he had completed 30 years' pensionable service. His final pensionable pay was £18,000 a year.

Alan's pension is:

30 x £18,000 / 60 = £9,000 per year

Tax free cash

When you retire you may exchange part of your pension for a cash sum. This cash sum is paid free of tax under current legislation. Subject to Plan limits (and any requirements of HMRC) you will be able to take a cash sum of broadly 25% of the total value of your pension benefits under the Plan when you retire, up to the Lifetime Allowance. For some examples of taking tax free cash click here.