Information packs were posted to all members on Monday 23 March, although we are aware that some of you may not have received yours yet. They are on their way to you but as the Royal Mail is struggling with double the level of absentees because of the Coronavirus, many places are experiencing delay in delivering packages that are larger than a normal envelope. This is why some of you will have received your introduction letter from WPS Advisory Ltd but not your packs. Please be assured that this does not mean they have been mis-directed or lost.

At present, the financial advice on offer is not affected by the Coronavirus. Please ‘phone WPSA if you would like a conversation about your pension options – even if you haven’t received the hard copy of your pack yet.


Not received your pack yet?

Flexible retirement

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You do not have to stop working to take your pension benefits from the Plan. You could reduce your hours and use your pension benefits to top up your income. This is called taking a flexible retirement.

  • What are my options if I take a flexible retirement?

    If you take a flexible retirement you could:

    • Take your pension benefits from the Plan. The options available will depend on your age at the time you start taking your pension benefits.
    • Transfer the value of your pension benefits out of the Plan. This will give you additional options for how you take your pension.
    • Leave your pension benefits from the Plan alone and use your other benefits. If you have pension savings elsewhere, you could use these and leave your pension benefits in the Plan until a later date. When you are ready to start taking your pension benefits from the Plan, you can then either take them from the Plan or transfer out. The options available will depend on your age when you choose to take them.
    • Use your Additional Voluntary Contributions (AVCs). If you have been paying AVCs to Prudential or Legal & General and you transfer them out, you could use them to buy an income for life and even exchange them for a cash sum, some of which may be tax-free. This would enable you to leave your pension benefits in the Plan until you need them. You could then take your pension benefits from the Plan or transfer out. The options available will depend on your age when you choose to take your pension benefits from the Plan. 
  • What about tax?

    Just like a salary, your pension benefits are subject to income tax when they are paid to you, apart from your tax-free cash sum.

    If you decide to take a flexible retirement, you will need to consider the tax implications of receiving your salary and pension at the same time.

    Remember, there is a limit to the amount of pension that you can build up over your lifetime. This is called the lifetime allowance and exceeding it will trigger an additional tax charge. You can read more about the lifetime allowance here.

    Your accountant, or a financial adviser who is a pension specialist, will be able to offer impartial financial advice and help you understand the tax that you will need to pay on your pension benefits based on your personal circumstances.