PDF Print Preview
\r\n\r\n \r\n Benefit Summary for member: {{ memberId }}\r\n \r\n
\r\nImportant Information
\r\nPension Offset*
\r\nIn this benefit summary we provide an illustration of your key benefits as a member of {{formatTheSchemeName}} (the \"{{ $store.state.clientConfig.fundOrScheme }}\") and some of the different options you may have when you come to take your benefits from the {{ $store.state.clientConfig.fundOrScheme }}.
\r\nIn this benefit summary we provide an illustration of your key benefits as a member of {{formatTheSchemeName}} (the \"{{ $store.state.clientConfig.fundOrScheme }}\") and some of the different options you have.
\r\nWhilst this benefit summary will provide you with an indication of your key benefits and options, the illustrations provided should not be relied upon to make financial decisions.\r\n They do not constitute a promise or guarantee of the benefits you may receive. Your final benefits may be higher or lower than the illustrations provided in this benefit summary.\r\n Before making any decisions about your benefits you should request a formal illustration and you should also consider seeking appropriate independent advice.\r\n
\r\n Please make sure you read and understand the important information about the illustrations in this benefit summary provided here before proceeding.\r\n
\r\nPlease make sure you read and understand the important information about the illustrations in this benefit summary provided at the bottom of this PDF before proceeding.
\r\n \r\n\r\n An illustration of the pension payable from age\r\n {{results.ageDescription}}\r\n is outlined in this benefit summary.\r\n This illustration assumes that your Pensionable Salary and working hours remain unchanged,\r\n and that you remain in Pensionable Service until this age.\r\n (expressed in today’s money) is outlined in this benefit summary.\r\n \r\n The reduction to your pension, outlined in this benefit summary, is in respect of your\r\n Pension Offset\r\n Pension Offset*\r\n amount – this is also expressed in today’s money and will increase in line with your pension between your chosen date of retirement and the date it is applied.\r\n \r\n
\r\n\r\n You have a number of options for how your pension can be taken.\r\n
\r\n\r\n Click ‘Next’ to see more information on taking part of your pension as a lump sum when you retire.\r\n Click ‘Next’ to see more information on:\r\n
\r\nThis modeller allows you to see more information on:
\r\n- \r\n
- Taking part of your pension as a lump sum when you retire directly from Pensionable Service \r\n
- Retiring at a different age directly from Pensionable Service \r\n
- Your benefits built up so far in the {{schemeOrFund}} \r\n
- Or transferring your benefits out of the {{schemeOrFund}} \r\n
An illustration of the pension payable from age {{results.ageDescription}} (expressed in today’s money) is outlined in this benefit summary.
\r\nYou have a number of options for how your pension can be taken.
\r\nBridging Pension Option
\r\nFor example, you may be able to exchange some of your {{schemeOrFund}} pension for a higher starting pension when you come to retire from the {{schemeOrFund}} – this is known as the ‘Bridging Pension Option’.
\r\nAt the current time you are not eligible to take the Bridging Pension Option; however, this option may become available to you in future.
\r\nIf you would like to see an illustration of the Bridging Pension Option, then please click the below button.
\r\nIf you elect to receive the Bridging Pension Option, you will exchange some of your {{schemeOrFund}} pension for a higher temporary initial pension from the {{schemeOrFund}} until the date you are currently expected to reach your State Pension Age. This higher initial level of pension aims to ‘bridge’ the income gap between when you start taking your pension from the {{schemeOrFund}} and your State Pension Age.
\r\n
Once you reach your State Pension Age, your ‘Bridging Pension’ will stop being paid, and the income you receive from the {{schemeOrFund}} will reduce. Further information on the Bridging Pension Option can be found within the ‘Bridging Pension Option guide’ https://{{currentUrl}}/information
This illustration is based on you taking the Bridging Pension Option with an initial temporary Bridging Pension of £{{ BPOAmount | numFormat }} per year payable until the date you are currently expected to reach your State Pension Age.
\r\nThe Bridging Pension Option is only available when you either:
\r\n- \r\n
- have enough {{schemeOrFund}} pension available at your selected retirement age to exchange for the Bridging Pension; or \r\n
- retire below a certain age \r\n
To view the Bridging Pension Option you will need to change your selected retirement age and/or untick the ‘Display Lump Sum’ button on the next page.
\r\n \r\nChoosing the Bridging Pension Option on retirement may have tax implications, such as impacting your Annual Allowance and/or Lump Sum (and Death Benefit) Allowance usage. If you are considering the Bridging Pension Option, it is recommended that you seek appropriate independent advice.
\r\nClick ‘Next’ to see more information:
\r\nThis modeller allows you to see more information on:
\r\n- \r\n
- Taking part of your pension as a lump sum when you retire \r\n
- Retiring at a different age \r\n
- Or transferring your benefits out of the {{schemeOrFund}} \r\n
When you retire you can normally choose to exchange some of your pension for a lump sum. In many cases this can be taken tax free, but this may depend on the pension benefits you have and your personal circumstances. This video provides more information on exchanging part of your pension for a lump sum at retirement.
\r\n\r\nYou also have a lump sum connected to your {{schemeOrFund}} pension that is automatically payable to you – you do not need to exchange pension in return for this. At your illustrated retirement date this lump sum amounts to £{{results.CAORValue | numFormat}}. Furthermore, you have an estimated fund value of £{{results.avcAmount | numFormat}} resulting from Additional Voluntary Contributions (AVCs) paid to the {{schemeOrFund}}.
\r\nFor the purpose of this illustration we have assumed that you would like to take this AVC fund as a lump sum on top of the ‘automatic’ lump sum mentioned above. At your illustrated retirement date the total of your automatic lump sum and AVC fund amounts to £{{results.minCash | numFormat}}.
\r\nYou also have a lump sum connected to your {{schemeOrFund}} pension that is automatically payable to you – you do not need to exchange pension in return for this. At your illustrated retirement date this lump sum amounts to £{{results.CAORValue | numFormat}}.
\r\nYou have an estimated fund value of £{{results.avcAmount | numFormat}} resulting from Additional Voluntary Contributions (AVCs) paid to the {{schemeOrFund}}.
\r\nFor the purpose of this illustration we have assumed that you would like to take at least this AVC fund as a lump sum.
\r\nMove the slider below to see how much you could typically receive as a lump sum and how this will affect your pension.
\r\nWhen you retire you can normally choose to exchange some of your pension for a lump sum. In many cases this can be taken tax free, but this may depend on any pension benefits you have and your personal circumstances. This video provides more information on exchanging part of your pension for a lump sum at retirement.
\r\nYou also have a lump sum connected to your {{schemeOrFund}} pension that is automatically payable to you – you do not need to exchange pension in return for this. At your illustrated retirement date this lump sum amounts to £{{results.CAORValue | numFormat}}. Furthermore, you have an estimated fund value of £{{results.avcAmount | numFormat}} resulting from Additional Voluntary Contributions (AVCs) paid to the {{schemeOrFund}}.
\r\nFor the purpose of this illustration we have assumed that you would like to take this AVC fund as a lump sum on top of the ‘automatic’ lump sum mentioned above. At your illustrated retirement date the total of your automatic lump sum and AVC fund amounts to £{{results.minCash | numFormat}}.
\r\nYou also have a lump sum connected to your {{schemeOrFund}} pension that is automatically payable to you – you do not need to exchange pension in return for this. At your illustrated retirement date this lump sum amounts to £{{results.CAORValue | numFormat}}.
\r\nYou have an estimated fund value of £{{results.avcAmount | numFormat}} resulting from Additional Voluntary Contributions (AVCs) paid to the {{schemeOrFund}}.
\r\nFor the purpose of this illustration we have assumed that you would like to take at least this AVC fund as a lump sum.
\r\nIf you would like to see an illustration of the maximum lump sum potentially available to you based on the {{ showBPO ? 'Bridging Pension Option and' : '' }} retirement age you have selected, then please click the below button.
\r\nThis illustration is based on you taking the maximum lump sum that may be available no lump sum at the retirement age shown.
\r\nYou either do not have enough {{schemeOrFund}} pension to exchange for both the maximum Bridging Pension and maximum lump sum available to you at your selected retirement age or have selected a retirement age where the Bridging Pension Option is unavailable. Changing your selected retirement age shown in this benefit summary may make both these options available to you at the same time, although this will not always be the case.
\r\nIn some situations, it may be necessary to restrict the amount of the lump sum shown in this benefit summary. If this applies, you will be notified of this should you request a formal illustration.
\r\nThis illustration is based on you taking {{results.cashProportion}}% of the maximum lump sum that may be available at the retirement age shown.
In some situations, it may be necessary to restrict the amount of the lump sum shown in this benefit summary. If this applies, you will be notified of this should you request a formal illustration.
\r\nClick ‘Next’ to see the impact of retiring at a different age.
\r\n\r\n Your starting level of pension will normally be lower the younger you are when you retire (i.e. a pension that starts earlier will generally be payable for longer).\r\n This is because pensions are typically adjusted to allow for the length of time they are expected to be paid\r\n and, assuming you remain in Pensionable Service in the {{schemeOrFund}} until you retire, you will have built up less pension the younger you are when you retire.\r\n Move the slider below to see how changing your retirement age may affect the pension and lump sum you receive. \r\n This video provides more information on early or late retirement.\r\n
\r\n\r\n Please note that it may be necessary to obtain the {{trusteeOwnership}} and/or {{schemeOrFund}}'s sponsoring employer's consent before you can start to receive your pension from the {{schemeOrFund}}.\r\n There may also be other conditions that need to be satisfied.\r\n If this applies to you, we will tell you if you request a formal illustration.\r\n
\r\nIf you were to retire from the {{schemeOrFund}} at your selected retirement age, an illustrated spouse’s or civil partner’s pension of £{{results.spousePension | numFormat}} a year (expressed in today's money) may initially be payable from the {{schemeOrFund}} if you die whilst in receipt of a pension from the {{schemeOrFund}}. This pension is not usually affected by the option to exchange some of your own {{schemeOrFund}} pension for a retirement lump sum, but may be reduced if your spouse or civil partner is more than 10 years younger than you and you have not been married to, or in a civil partnership with them for at least two years when you die.
\r\nIf you are not married or in a civil partnership when you die, a pension may be payable to someone who is financially dependent on, or interdependent with you at the time of your death, although payment of a dependant’s pension in these circumstances would be at the discretion of the {{trusteeWording}}.
\r\nA spouse’s, civil partner's, or dependant's pension may also be payable from the {{schemeOrFund}} if you die prior to taking your pension from the {{schemeOrFund}}. At present, if you were to die whilst in Pensionable Service, this pension is estimated to be £{{'xxx' | numFormat}} a year .
\r\nYou have an estimated fund value of £{{results.avcAmount | numFormat}} resulting from Additional Voluntary Contributions (AVCs) paid to the {{schemeOrFund}}.
You have several choices at retirement when using your AVC pot, including:
- taking it as part of towards your tax-free cash lump sum (limits apply);
- to take it as a flexible lump sum (normally, one quarter can be taken tax-free with the rest taxed as income – see our Pension Flexibility leaflet); or
- to buy a lifetime annuity with an insurance company.
Alternatively, you may be able to take a transfer of your AVC pot to another pension arrangement.
For the purposes of the benefits illustrated in this benefit summary, we have assumed that you will take your AVC pot as part of your tax-free cash lump sum.
If you were to leave Pensionable Service in the {{schemeOrFund}} today, the illustration of the pension you have built up so far payable from age {{accruedPension.ageDescription}} (expressed in today’s money), would be £{{accruedPension.pension | numFormat}} a year.
\r\nInstead of receiving a pension from the {{schemeOrFund}} you may be able to take a 'transfer value' that allows you to transfer the value of your benefits to another pension arrangement – perhaps to a new employer’s pension scheme, a personal pension scheme or a suitable insurance policy. However, to do so, you would first need to have stopped building up benefits in the {{schemeOrFund}} and have left Pensionable Service. This video provides more information on transferring your pension to an alternative arrangement.
\r\nOne possible reason to transfer may be to access the flexibility available to Defined Contribution benefits introduced by the Government from 6 April 2015 (see our Pension Flexibility leaflet)(see our Pension Flexibility leaflet at {{currentUrl}}/documents/pension-flexibility-leaflet-2023.pdf).
\r\nThe illustrative {{schemeOrFund}} pension in this benefit summary is a Defined Benefit pension (see below) and the current estimated transfer value shown gives you an indication of the amount that may be available to transfer from the {{schemeOrFund}} to another pension arrangement in return for giving up your (and any dependants’ potential) benefits from the {{schemeOrFund}}.
\r\nIf you are considering taking a transfer from the {{schemeOrFund}}, you should be aware of the points below – additional information will be provided to you in the event you opt-out of, or leave, Pensionable Service and request a formal illustration:
\r\n- \r\n
- If you opt-out of the {{schemeOrFund}} and cease accruing Pensionable Service, you will not be able to rejoin the {{schemeOrFund}} and build up benefits again at a later date. \r\n
- You should read the guidance signposted throughout this websitethe member website to help you better understand the value of your {{schemeOrFund}} pension, along with the risks associated with transferring it to another pension arrangement. In particular, The Pensions Regulator and the Financial Conduct Authority recommend you read their guidanceguidance (https://www.fca.org.uk/consumers/pension-transfer-defined-benefit) to help you understand the differences between Defined Benefit and Defined Contribution pension schemes. Further information can also be found on MoneyHelper’s website.website (https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/defined-benefit-or-final-salary-pensions-schemes-explained). \r\n
- Make sure you fully understand the {{schemeOrFund}} pension benefits and options you would be giving up, including your yearly pension, possible future increases, and any dependants’ potential benefits. \r\n
- If your transfer value is higher than £30,000, you will normally be required to seek appropriate independent advice from an adviser who is authorised and regulated by the Financial Conduct Authority, before the transfer can be paid – please see the ‘Speak to an adviser?’ section for more details.
- Please be alert to pension scams – see the Pension Scams section in
News News (https://{{currentUrl}}/pension-news) for further information. In all cases, The Pensions Regulator has said that you should exercise extreme caution and read the letter it has prepared jointly with the Financial Conduct Authority and The Money and Pensions Service found hereat https://{{currentUrl}}/documents/cetv-member-letter-2023-06-19.pdf. \r\n - This video provides more information on how to spot a pension scam. \r\n
- {{ $store.state.clientConfig.transferValueListItem }} \r\n
Your current illustrative transfer value based on your {{schemeOrFund}} pension built up so far is £{{results.transferValue | numFormat}}. {{results.transferValueAdditionalText}}. 0\">This includes your estimated AVC fund value of £{{results.minCash | numFormat}}.
\r\nThe financial assumptions used to calculate transfer values are updated regularly to reflect movements in financial market conditions, and this can result in transfer values being higher or lower over time. The current estimated transfer value shown is just an illustration and is therefore subject to change – it is not guaranteed in any way.
\r\nChoosing how to take your benefits, including whether or not you would like to take a transfer from the {{schemeOrFund}} is a very important decision. Making the wrong choice could have significant financial implications for you. It is recommended that you seek appropriate independent advice from an adviser who is authorised and regulated by the Financial Conduct Authority before arriving at any decision. You will normally be required to do so before the {{trusteeWording}} can make a transfer payment on your behalf if your transfer value is higher than £30,000. Neither the {{trusteeWording}} of the {{schemeOrFund}} nor LCP can provide you with any advice (financial or otherwise).
\r\nAn independent adviser is independent of the {{schemeOrFund}}'s sponsoring employer, the {{trusteeWording}} of the {{schemeOrFund}} and LCP. Their services are not free and so you will need to pay for this advice – they will provide you with advice based on your own personal circumstances. Their role is simply to help you make the best decision for you and to make you aware of the possible risks and downsides of various decisions.
\r\nYou can find advisers through MoneyHelperMoneyHelper (https://www.moneyhelper.org.uk/en). When talking to an adviser, in addition to asking about their fees (and how and when they are payable), you may wish to check whether they can offer you access to the whole pension market or not. The Financial Conduct Authority has provided some information – including a video – on what to expect when taking advicewhat to expect when taking advice (https://www.fca.org.uk/consumers/pension-transfer/advice-what-expect), along with further questionsfurther questions (https://www.fca.org.uk/consumers/what-ask-adviser) you should consider asking your adviser. You can check if an adviser is authorised and regulated by using the Financial Services RegisterFinancial Services Register (https://register.fca.org.uk/s/).
\r\nYou may also find the information, tools, and guidance provided by MoneyHelper (which incorporates Pension Wise – see below) useful when coming to any decision about your pension. This includes MoneyHelpers’ guides to pensions and retirementguide to pensions and retirement (https://www.moneyhelper.org.uk/en/pensions-and-retirement) and for those with Defined Contribution pension savings (either in the {{schemeOrFund}} or elsewhere), the services of Pension WisePension Wise (https://www.pensionwise.gov.uk/en) who generally offer free and impartial advice for those aged 50 or over.
\r\nOnce you have considered the information provided in this benefit summary, if you are interested in either receiving your pension from, or transferring your benefits out of the {{schemeOrFund}} (provided you are old enough to do so), you should request a formal illustration. This will include the forms that you will need to complete and details of any other information that you will need to provide. You can request a formal illustration by using the 'Contact us' page – https://{{currentUrl}}/contact
Please note that you are normally able to request only one transfer quotation without charge in any 12-month period. A transfer quotation will normally be guaranteed for a period of three months, after which you would usually need to pay a charge for a further quotation within the 12-month period. You should therefore consider requesting a formal quotation only if you are seriously considering this option and already have in place arrangements to take appropriate independent financial advice (particularly if you expect your transfer value will be more than £30,000). To help you better understand the transfer process, please see our “What happens when?”“What happens when?” (https://{{currentUrl}}/documents/request-acknowledgement-flyer.pdf) flyer.
\r\nIf you would like to print this summary please click below.
\r\n