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?

Your options in brief

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You have choices to make either now or when you choose to retire that will affect the amount of income you will receive through your retirement and how you receive it.

  • You can change your retirement age and choose to retire earlier or later than your normal pension age. This will change how much pension you receive from the Plan. You will get a lower annual pension if you retire early (because it needs to be paid for longer) and more if you retire later (because it will be paid for fewer years).
  • You may be able to exchange up to 25% of the value of your pension for tax-free cash when you retire. This then reduces your annual income from the Plan. 
  • You can decide now (or later) that you would like to transfer the value of your pension benefits out of the Plan. You can then access this money from age 55 and take it in any way you like. If you are thinking of doing this, you must take financial advice. The Trustee is providing you with paid for financial advice up to 31st July 2020 to help you with this decision.