At Retirement
When you reach retirement there are a number of options open to you.
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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. |
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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 your state pension age and a smaller one afterwards to bridge the gap until your state pension is paid. |
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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. |
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Details of the above options can be obtained from Pensions by emailing pensions.administration@nsg.com.