How much will be paid?

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You should keep in mind that, as well as how much you built up over the years, there are other things that could affect how much pension you get from the Plan, including:

  • when you choose to retire – you will get less if you retire early because your pension will be paid for longer, and more if you retire later because it will be paid for fewer years, and
  • how you decide to take your pension benefits – you have some choices with your Plan pension such as taking cash in exchange for a lower annual pension, or you could decide to transfer the value of your benefits out of the Plan.
  • Increases to your pension after you retire

    When you retire, your pension from the Plan will increase each year to help it keep up with inflation. There are different increases that apply to different bits of your pension. You can find out more here.

  • What happens if I transfer out of the Plan?

    You can transfer the value of your pension benefits out of the Plan and into a different pension arrangement such as a DC pension scheme. However, you cannot generally access the money in your pension savings until after the age of 55. 

    Once you have reached 55 you can choose to:

    • buy a regular, guaranteed income (an annuity);
    • leave your pension savings invested and withdraw cash as and when you need it (drawdown)
    • or in some instances you may be able to take it all as cash.

    Of course, you do not have to start taking your benefits immediately - you can leave your savings until you need to buy an annuity or start drawing down your investments. 

    There are many things to think about if you transfer out of the Plan but for some people it can make sense depending on their personal circumstances, other savings they have and their plans for the future. 

    That is why it is essential to speak to a financial adviser if you think transferring out is something you would like to do. 


If you have a protected pension age in the Plan, you could lose it on transferring to a different type of pension arrangement. It is important to speak to an impartial financial adviser if you are considering transferring out of the Plan, to ensure it is right for you.