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. By clicking on the button below, you can see a table showing the different rates of conversion, known as commutation factors.
N.B. Revised Commutation factors to follow shortly
As you approach retirement, Pensions will send you details of this option. |
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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.