retirement benefits

When you are ready to retire, you can take your benefits from the Fund.

The standard retirement options are:

  • Taking a full pension with no cash lump sum


  • Taking a maximum cash lump sum and reduced pension


  • Taking a tax-free cash lump sum of your choice (that is less than the maximum) and a pension that is reduced accordingly

Your retirement quote will tell you what the estimated pension and cash lump sum options are, and if there are other options available to you.

Please note that the option of taking a maximum cash lump sum and reduced pension may not be available to you at retirement and is subject to your benefits meeting minimum pension requirements.

The Fund provides access for members to the Pension Decision Service (PDS) which offers guidance on the retirement options available to you. You will be sent information on the PDS as part of retirement quotes issued to you. You can find out more information here.