Pilkington Superannuation Scheme

When you reach retirement there are a number of options open to you.

	Commutation This is the option to convert some of your pension to a tax-free lump sum on retirement. The amount of pension you have to exchange for each £1 of tax-free cash depends on your age. By clicking on the button below, you can see a table showing the different rates of conversion, known as commutation factors. Commutation Factors (Word format 21kb) Commutation Factors (Acrobat format 65kb) As you approach retirement, Pensions will send you details of this option.

	Terminating Pensions If you retire before you reach state pension age, it may be possible to choose to receive a larger pension from the Scheme until state pension age and a smaller one afterwards to bridge the gap until your state pension is paid.

	Extra spouse's pension You can also choose to give up some of your pension to provide extra pension for your spouse after your death.

Details of the above options can be obtained from Pensions.