If you choose to take your benefits directly from the Scheme, you will have:

• A guaranteed income for life
• An optional tax-free cash lump sum of up to 25% of the total value of your pension.

For your loved ones:

• If you have a spouse / civil partner / qualifying dependant when you pass away, they’ll receive a pension for the rest of their life
• If you pass away less than 5 years after taking your pension, your spouse may be entitled to a lump sum payment or pension equal to the remaining payments that you would have received in the first 5 years.

If you choose to transfer your benefits out of the Scheme, you will have three options. Choose one – or a combination – of the options to access your pension savings:

1. Buy a regular, guaranteed income for life (an annuity)
2. Withdraw income as and when you need it (drawdown)
3. Take a single cash lump sum

Should you wish to, you can mix-and-match from the options above. For example, you can take some cash up front (lump sum option), buy an income for life to cover the basics (annuity) and draw down the rest of your pension savings. It’s entirely your choice!

We strongly recommend that you get guidance and/or advice if you’re thinking about transferring your pension. In fact, if your transfer value is £30,000 or larger, you have to take advice to transfer out of the Scheme. Once you transfer out, you cannot re-join the Scheme.

If you are considering transferring your benefits out of the Scheme, you must ensure you are aware of the risks of pension scams - and have taken appropriate action.

» Learn more about how to identify pension scams and understand the steps you can take to avoid being scammed

By taking financial advice, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation. Remember, your best option will nearly always be receiving a pension from the Scheme.

You can find a list of financial advisers in your area by visiting moneyadviceservice.org.uk

The Pensions Advisory Service (TPAS) is also available to provide you with helpful guidance on your retirement options. There is a lot of information available on their website, or you can talk to them either by:

Telephone: 0800 011 3797 (from 9am to 5pm, Monday to Friday)

Webchat (available 9am to 6:20pm, Monday to Friday with an extended Tuesday evening session from 7pm to 9pm).

As well as your Scheme pension, you may be entitled to the State Pension, which you’ll be able to claim once you reach the State Pension Age (SPA). You can check your SPA online at gov.uk/state-pension-age