Corporate Pensions - Employees and members - Retiring soon
It’s time to start exploring your pension options and make important decisions
After years of paying into your pension, it will soon be time to start reaping the benefits. To get an estimate of how much pension you could get, Log-in now and use our "What if?" calculator.
Usually, you can take your pension from Scottish Widows, or transfer to any other authorised pension provider (but some occupational pension schemes work differently). When you get close to retirement we’ll write and explain exactly what applies to you. Typically this is what to expect:
- About 6 months before you retire
We send you an advance information pack outlining your pension options. This will help you to get your thoughts together, and give you time to explore what you might want to do. - About 6 weeks before you retire
We will send you a decision pack. It will contain forms that you need to complete, telling us exactly what you want to do. The pack will include an up to date pension valuation showing a range of different benefits you could choose. What you decide will depend on your personal circumstances. Most people choose to convert their pension into a pension annuity when they retire, which guarantees to pay a pension income for life.
Things to consider:
- Retirement age
- The type of income you want in retirement
- You may have the choice to combine several pensions
- You will have the option of tax-free cash
- You may be able to choose a single or joint pension
- You may choose a level or increasing income
- The frequency of your pension income
You should get financial advice to ensure you make the correct decisions.
