At Retirement

To find out more about your retirement options in the Scheme, you can visit My Retirement Planner at BWebstream.

It’s a secure website where you can explore your retirement needs, with links to additional support and guidance should you need it. There’s a Q&A which explains the services it provides. Your options may change over time so we recommend visiting My Retirement Planner every year.

You will need to login to BWebstream to use My Retirement Planner. Once logged in, you can find it under ‘Your Services’.

You can find out more about the Scheme’s benefits on this website – from how your pension is worked out to your options at retirement.

Please read the Notes for leavers Scheme leaflet for more information.

Keep us up to date

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

You can update your details at BWebstream or you can email the pension team.

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

1/60

(accrual rate)

x

years of service in the Scheme

(pensionable service)

x

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 Member Self-service.

Your options at retirement

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

We’ll invite you to register when you’re a year from your earliest retirement age (usually age 54 but may be 49 if you left the Company on the grounds of redundancy).

We also write to you a few months before your 60th birthday to let you know your options.

You don’t have to retire at 60, you can retire later or in some cases earlier. Visit My Retirement Planner for more information.

Lump sum option

You can choose to take up to 25% of your benefits as a tax-free lump sum – this is known as the Pension Commencement Lump Sum (PCLS). This is normally restricted to 25% of your pension savings. Although not an issue for most people, from April 2023, the PCLS limit will be frozen at 25% of the current LTA level (which means it will be capped at £268,275). Anyone with a protected right to a higher PCLS is expected to retain this right.

Please visit the Tax allowance page to learn more.

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.

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 at Member Self-service to understand more about your transfer options and taking your benefits flexibly.