Options at retirement

The benefits you receive depend on the value of your Personal Account and AVCs when you retire. The amount you receive will also depend on the options you choose at retirement.

You can currently retire from age 55. ‘Retirement’ is when you start to take your pension but this does not mean you have to stop working.

What you can do with your Personal Account:

• Take your account as cash
• Buy an annuity
• Keep your savings invested
• Use drawdown (receive a regular taxable income)
• Take the cash bit by bit
• Do a combination of the above

With most of these options, you can take up to 25% of your account (but no more than £268,275) as a tax-free lump sum payment. However, different tax rules apply to different options.

You can find out more about your options in the Members’ guide and the At Retirement Options factsheet.

Taking your benefits from the DC section 

Hargreaves Lansdown has been appointed by the Scheme to help you through the process of taking your benefits from the DC Section.  You can find out more about your retirement options on the dedicated Hargreaves Lansdown website.

You can also call the Hargreaves Lansdown Retirement Helpdesk on 0117 314 1798 (Mon-Thurs 8am-7pm, Fri 8am-6pm and Sat 9.30am-12.30pm).

You can find out more general information about the options at retirement for members of defined contribution pension schemes through MoneyHelper's PensionWise service