MEMBER BENEFITS

Retirement benefits

There are 6 ways you can take your pension pot.

You can usually take 25% of your pot completely tax free.

Leave your whole pot untouched

You don't have to start taking money from your pension pot when you reach your ‘selected retirement age'. You can leave your money invested in your pot until you need it.

Guaranteed income (annuity)

You use your pot to buy an insurance policy that guarantees you an income for the rest of your life – no matter how long you live.

Adjustable income

Your pot is invested to give you a regular income. You decide how much to take out and when, and how long you want it to last.

Take cash in chunks

You can take smaller sums of money from your pot until you run out. Your 25% tax-free amount isn't paid in one lump sum – you get it over time.

Take your whole pot in one go

You can cash in your entire pot. 25% is tax free, the rest is taxable.

Mix your options

You can mix different options.

As can be seen there are a variety of options and we therefore strongly recommend that independent advice is sought to ensure the best outcome for you.

Full details of these options can be found on the Government's excellent free guidance website called Pension Wise.

Death Benefits

You may nominate anyone to receive your pension pot when you die. Depending on your age this is usually tax free.

Tax your beneficiary pays: