At retirement

Visit My Retirement Planner at any time to find out more about your retirement options in the Scheme. It’s a secure website where you can explore your retirement needs and options. It also links to additional support and guidance. Your options may change over time so we recommend visiting the Planner every year.

You can find out more about the Scheme's benefits on these pages, from how your pension is worked out to your options at retirement.

To avoid a delay when it comes to paying your deferred pension keep us updated if you change your address or other details.

When you retire, your pension will be based on the following set formula:

(accrual rate)


years of service in the Scheme
(pensionable service)


your pay
(pensionable salary)


total pension from the Scheme

The changes implemented with effect from 1 April 2014 placed an annual cap on increases to the salary used to calculate your pension from 1 April 2013 onwards at the lower of:

  • 3%; or
  • the annual increase in the Retail Prices Index (RPI)

Capped pensionable salary is also used to calculate pension from any service you have transferred into the Scheme since 1 April 2014 and for Added Years contracts started since 1 April 2014.

Deferred pensions are calculated at your date of leaving and increased by the Retail Prices Index each year to make sure they keep up with inflation.

To see your most up to date statement, visit My Online Services.

Your options at retirement

Visit My Retirement Planner to understand your options and look at when you might want to retire.

We will write to you a few months before your 60th birthday, or 50th birthday if you left on redundancy terms, to let you know your options.

You don’t have to retire at this time. You can retire later or, in some cases, earlier if you are aged 60. Please visit My Retirement Planner for more information.

Scheme Benefits

Lump sum option

You can choose to take up to 25% of your benefits as a tax-free lump sum - subject to a maximum of 25% of the Lifetime Allowance.

The lump sum you receive depends on your age at retirement as the amount converted is multiplied by a factor that varies according to age.

If you choose to surrender part of your pension for a lump sum, the pension payable to your Dependant is not affected.

If you have been contributing to a Money Purchase Additional Voluntary Contribution (MPAVC), your MPAVC fund will first be used to provide all or part of your tax-free lump sum before giving up any pension.

If your lump sum is more than 25% of the Lifetime Allowance set annually by HMRC, it will be necessary to cut back the amount you convert to less than 25% of the capital value of your pension.

Bridge the Gap

If you take your pension before State Pension age (SPA), you could bridge the gap in your income by receiving a larger pension from the Scheme up to your SPA, and a smaller one afterwards. This is known as the ‘levelling option’.

You can find out more about the levelling option in the Bridge the Gap booklet.

This option is not available if you take ill-health early retirement.

Transfer into a different arrangement

Visit My Retirement Planner to understand more about your transfer options and taking your benefits flexibly.