Retirement income

Your normal retirement age under the scheme is 65. However, you will normally agree with the company when you will be retiring from employment.

When you decide to retire, we may use your retirement account to buy an annuity from a provider of your choice. Or you may be able to take all or part of it as tax-free cash.

We will help you, free of charge, to find the most competitive annuity on the market that meets your needs by using an independent financial services firm. However, you will be free to take your own independent financial advice if you prefer, but you will have to pay for this.

In addition, we will pay the benefits you have built up before April 2011 (if any) as a pension from the scheme.

We will try to maximise your retirement income. Usually this means that we will use your retirement account as the first source for providing any tax-free cash you choose to take, before converting any of your pre-April 2011 benefits (if any) into cash.