Main benefits

• A tax-free cash lump sum and a pension for life when you retire
• Tax savings
• Life cover if you die in service
• An incapacity pension if you can’t work because of ill health
• Benefits for your dependants if you die
• Extra pensions for dependants - (optional)
• Additional voluntary contributions (AVCs) - (optional)

Retirement options

• A full pension and lump sum at your Normal Pension Age (NPA). You can give up part or all your lump sum to get a bigger pension, or to set up dependants’ pensions.
• Flexible retirement – you can take your benefits while still working after your NPA
• Early or late retirement
• An ill-health pension
• A transfer to another pension arrangement if you want to take your pension using an option not available through the scheme. You will need to opt out of the scheme and obtain independent financial advice if you are transferring to a flexible (DC) pension arrangement and your transfer value is above £30,000.