Once you have an idea of which of the available options you think may work best for you, we suggest that you consider getting guidance and/or advice before proceeding any further. In fact, if your transfer value is £30,000 or larger, and you wish to transfer out of the pension Scheme, you have to take advice in order to do so.
By taking financial advice on your retirement options, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation.
This advice must be provided by a person who is appropriately regulated by the Financial Conduct Authority (FCA).
Why might I want to take financial advice?
While the decision on whether to take financial advice is a personal one, there are some circumstances in particular where taking advice, instead of, or as well as, guidance, may be appropriate.
Examples of such circumstances include:
- You have a large pension account
- You expect to be affected by the Lifetime Allowance (pension savings above this amount incur additional tax charges). This is currently £1.055m for the 2019/20 tax year
- You have complex income requirements in retirement
- You currently live overseas or you are planning to move abroad
- You have significant other assets outside of your pension arrangement (excluding your own home)
- You are in serious ill-health
- You have complex debts to manage.
How can I get financial advice?
You can find an adviser authorised and regulated to give advice by the Financial Conduct Authority (FCA) by visiting the Money and Pensions Service’s page on choosing a financial adviser.
You will be responsible for meeting the costs of the financial advice. Your financial adviser should provide you with an estimate of their costs before they start the advice process.
What does my adviser need to know?
To tailor their advice to you, you’ll need to provide your adviser with information on:
- Your current finances (for example, debts, income, outgoings, savings)
- Details of your Scheme pension and any other pension savings you have
- Your health and lifestyle
- Your plans for retirement
- Your dependants.
Guidance provides you with general information about the retirement options that are available to you, like a regular income for life (an annuity), taking cash when you need it (drawdown), taking your pension account as cash in one go or in stages or a mix-and-match of the above. Guidance also provides you with information about State Pension and tax.
What guidance is not
Guidance is designed to help you better understand your options so you can make an informed decision. Guidance does not:
- Give you a specific recommendation of how to use your pension account
- Provide you with financial advice or consider your wider financial position, including any other savings
- Cover the options for any other pension savings you may have
- Implement your chosen option – you are responsible for completing and returning the relevant paperwork to set up your pension benefits.
Talk through the providers available for the different retirement options.
Getting free guidance from Pension Wise
As long as you are over 50 years old, you can have a free guidance call of up to an hour with a pension specialist from Pension Wise, a service that is provided by the Government.
To book your appointment, please call Pension Wise on 0800 138 3944 between 8am to 8pm, Monday to Friday. They will send you an email confirmation of your booking.
Or you can book an appointment online here.
Made a decision?
If you’re ready to do something and choose from one of the available options, you can send the administrator an email by using the buttons below. The email will be pre-populated with most of the information you need, you will just need to review it, add some of your personal information and send it to them.
You can find details on how to take your pension in your Retirement Pack. Fill out all of the relevant forms you’ll find in your pack and return them to us with any additional documents we need - and we’ll set this up for you.
Please pay particular attention to Form 1 – Your retirement decision where you need to choose either Option 1 – Cash + reduced pension or Option 2 – Full pension.
If you want to transfer out of the Scheme please complete the relevant forms in the Transfer Section of your Retirement Pack, or the forms in your Transfer Pack if received separately, and return to us with the additional documentation we need and we will be able to progress your transfer.
Please pay particular attention to Form 1 – Your retirement decision where you need to choose Option 3 – Transfer.
Not ready yet?
No worries, you don’t have to do anything if you do not want to. These options will be available in the future for when you are ready to start receiving your RSA pension schemes benefits.