What options do I have when I draw my benefits?

When you draw your pension, you will be able to take part of your benefits as a tax-free lump sum by giving up some of your pension.

 

An option to take a lump sum has to be made in writing before your benefits are paid. So that you have plenty of time to make up your mind and seek financial advice if you wish, it is important you contact us well in advance of your intended retirement date so we can provide you with more details. 

 

Your pension will be reduced in accordance with any election you make to receive a lump sum. Any subsequent pension for your spouse, civil partner, eligible cohabiting partner or eligible children will not be affected if you decide to exchange part of your pension for a lump sum.

  

If you have a GMP, you may not reduce your pension to below the level of your GMP.