There's more to retiring than you might think…
Whether you're getting ready to take your Scheme pension, or only just starting to think about retirement, you have many options for using your retirement benefits.
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Get help logging inYour options in a nutshell
There are a number of things that may affect the retirement option you choose, such as your personal circumstances and what your priorities are. When you take your retirement benefits, depending on what you decide, you can choose one or a combination of these options.
Receive your pension from the Scheme
This option provides a regular amount of money every month, much like a salary, until you die. It may increase each year, in line with the Scheme rules, to provide some protection against increases in the cost of living (inflation), and your spouse or eligible dependant may also receive a pension if they outlive you.
In addition, you may receive an additional tax-free cash lump sum, or you may have the option of choosing a smaller monthly income in exchange for a tax-free cash lump sum, in line with your Scheme rules.
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The Pensions Regulator believes, for most members, it's likely in their best financial interests to take a pension from the Scheme.
With this option, you get:
- A regular income for the rest of your life.
- It may increase each year, to provide some protection against increases in the cost of living (inflation).
- An income for your spouse or eligible dependant if they outlive you.
- A guarantee period – a lump sum may be payable if you die within five years of retiring.
- An additional tax-free cash lump sum, or the option to choose a smaller monthly income in exchange for a tax-free cash lump sum, depending on your Scheme rules.
But consider:
- Limited flexibility to tailor benefits to suit your needs.
You can take your Scheme pension at any time from your Normal Minimum Pension Age (NMPA). If you are unsure of your NMPA, contact the Scheme administrator.
If you take your pension before your Normal Retirement Date (see your Retirement Statement), you may receive a lower regular amount as it will be paid for longer and the Trustees' consent may be required.
Transfer all of your benefits out of the Scheme (and consider other options)
If you choose to transfer your benefits (and any dependants' benefits) out and give up your right to the Scheme pension, you will receive an amount of money called a transfer value, which you will need to use to provide an income.
We recommend that you get financial advice before choosing how to take your retirement benefits. If your transfer value is over £30,000 (excluding any additional voluntary contributions (AVCs)) you must take financial advice before you can transfer out to a defined contribution (DC) arrangement.
See the below dropdown for the options available.
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The Pensions Regulator believes for most members, it is in their best financial interest to take a pension from the Scheme. But for some members, the flexible options available through transferring out may better suit their financial interests.
Transferring out cannot be reversed so make sure you understand the risks and benefits.
With this option, you get:
- A pot of cash (a transfer value) to provide you with a retirement income outside of the Scheme which can be tailored to suit your needs.
- The option to increase or reduce protection for your dependants.
- The option to potentially take more cash upfront. Currently, you can typically take 25% of your transfer value tax-free.
But consider:
- You'll need to ensure you money lasts as long as you need it.
- If your funds are invested following transfer, you will take on investment risk and pay ongoing investment charges and advice charges.
- You could end up paying more tax if you take your money all at once.
- Remember, you need to be aware of pension scams.
The FCA website and video provide additional information to help you understand this option and what you could be giving up. You should also be aware of potential pension scams and only transfer out to a reputable provider. As a rule of thumb, if something sounds too good to be true, it probably is.
If your transfer value is under £30,000 you can choose from one of the options below. If your transfer value is over £30,000 and, after obtaining financial advice, your adviser feels a transfer is appropriate, they may recommend one (or more) of the following options:
Things to consider
How you decide to take your retirement benefits will depend on your personal circumstances. For example, do you have other savings you could rely on? You will need to consider this, and other factors – some are listed below – before you decide.
Your State Pension
Find out more about the State Pension, what it is worth and how to get a quote if you don't already have one.
How long might you live?
Understanding how long you might live and how long your money needs to last is important for retirement planning.
Inflation and how to protect against it
Make sure you can continue to afford the things you want and need in retirement as goods and services go up in price.
Tax and Allowances
When you are deciding how you want to take your benefits, it is important to consider the tax you would pay.
Taking advice
How you take your benefits when you retire is a big decision and depends on what is right for you. It's important to have all the information you need to make it.
It may be useful to speak to an FCA-registered financial adviser before making your decision, especially if you are considering a transfer. If your transfer value is over £30,000 (excluding AVCs) you will need to take financial advice before you can transfer out to a DC arrangement and your adviser must be authorised by the FCA to provide advice on pension transfers.
It's important to remember that the Trustee and Scheme administrator are unable to provide you with advice and are not responsible for any advice you receive.
Advice from ilumiti
The Trustees have appointed an FCA-registered financial adviser, ilumiti, to provide eligible members with paid for, tailored, impartial financial advice on their Scheme benefits. ilumiti understand how the Scheme works, so can explain your retirement options and help you with your decision.
You do not need to use ilumiti. You can use your own financial adviser if you prefer but you'll need to meet the cost of this advice.
Find out moreOther useful tools and information
MoneyHelper retirement tools
MoneyHelper – a site set up by the government – has many useful tools and provides access to guidance that could help you with your decisions. MoneyHelper can provide information about defined benefit schemes.
Pension calculator
Understand what you may need in retirement, and how much you have.
Compare annuities
Shopping for an annuity? This comparison tool can help you see what's available on the market.
Guidance from PensionWise on DC savings
If you have any DC savings and are over 50 years old, you can have a free guidance call with a pension specialist from PensionWise (part of MoneyHelper) about these DC benefits only.
FCA guide to transferring out
More information about transferring out from the Scheme and what to think about.
Do you earn enough for a decent standard of living?
The minimum income calculator can help you see what your costs will be and what benefits you may be entitled to.
Ready to make a decision?
Review your quote
If you haven't already received a Retirement or Transfer Quote in the post, and you'd like to know how much you can expect to receive, you can get one by contacting the Scheme administrator.
Speak to a financial adviser
You may want to use the Trustees appointed financial adviser or you can find your own independent financial adviser on the MoneyHelper website.
Fill in your forms and return them
Please return them by post to the address on your Retirement or Transfer Quote.
Not ready yet?
No worries, you don't have to do anything if you do not want to. You can reconsider your options in the future when you are ready to retire.
Contact us
If you have any questions about your Scheme pension benefits you can contact the Scheme's administrator, WTW, on:
- 01737 227 538
9am to 5pm Monday to Friday, excluding public holidays - RFSpensionscheme@wtwco.com