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:
- Buy a regular, guaranteed income for life (an annuity)
- Withdraw income as and when you need it (drawdown)
- 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