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.
WATCH THE VIDEO BELOW FOR AN OVERVIEW OF YOUR CHOICES