You can take up to 25 per cent of your benefits as a tax-free lump sum. The earlier you start your benefits, the lower your monthly payments will be, as they’re likely to be spread out over a longer period.
We’re improving our services to give you more choice around starting your payments and give you the information you need to plan for retirement.
If you’re younger than 55, make sure to provide us with your email address and we’ll get in touch with you nearer the time to remind you of your options.
Find out how much you could receive
Use the simple Benefit Modeller tool on our member website to find out how much compensation you can expect to receive if you choose to start your payments early, late or when they were due from your original pension scheme. You can also see how your payments might be affected if you take a tax-free lump sum.