Frequently Asked Questions

Can I take my pension early?

Yes, you can. However your benefits will be reduced for early payment

Can I get tax-free cash from the scheme?

Usually you can give up some of your pension income to get a tax-free lump sum

Can I get more tax-free cash by transferring out of the scheme?

Sometimes. By transferring out of the scheme, you are entitled to a maximum of 25% of your fund as tax-free cash

What happens to my pension when I die?  

Ordinarily, your DB pension will provide a pension income to your spouse (typically 50% of your income) until they pass away. Children's pensions can be payable dependent on your scheme rules  

What is NRA?

NRA is an acronym which is used to describe your scheme’s Normal Retirement Age

What happens to my pension if my employer goes bust?  

If your ex/current employer goes bust the Pension Protection Fund may compensate you by providing:

• Up to 90% of your promised income each year if you are under NRA 

• Up to 100% of your promised pension income each year if you are over NRA   

If I transfer, can I go back into my DB scheme at a later date?

No. Transferring is an irreversible decision so you cannot go back into your scheme once you transfer out