Current employees

The Plan’s Normal Retirement Age is generally at age 65 but with consent, members may draw benefits between 55 and 75.

The format of retirement benefits is different for Core funds and Non-Core funds.

Core funds

Core Funds are used to provide DC benefits at retirement, but the ‘Pensions Underpin’ means the Plan will provide a pension that is at least as high as the Pensions Underpin.

Members with Core Funds have the following options at retirement:

• receive a pension from the Plan at least as high as the Pension Underpin; or
• transfer benefits to an alternative pension arrangement just before retirement (see the Transferring-out section for more information)

If you choose to retire at a different age, the Pensions Underpin will be reduced if retiring before age 65 or increased if retiring after age 65.

Non-Core funds

Non-Core Funds are used to provide benefits on a DC basis. Members with Non-Core Funds have the following options at retirement:

• ask the Trustee to secure an annuity via Hub Financial Solutions; or
• select an open market annuity (which members can arrange themselves or use an IFA); or
• transfer Non-Core Funds to an alternative pension arrangement just before retirement.

The Plan does not offer a drawdown facility.

If you would like to receive a retirement illustration pack, please contact Barnett Waddingham.