Three important actions for today
Getting the most from your pension doesn’t require big changes. A few quick actions can help you stay informed and make the most of what you’re building over time.
Three important actions for today
Getting the most from your pension doesn’t require big changes. A few quick actions can help you stay informed and make the most of what you’re building over time.
1. Explore your Scheme website
The Scheme website is the quickest way to find information about your pension.
You can use it to:
- View details of your Scheme benefits.
- Check and update your personal information.
- Read the latest updates from the Trustee Directors.
Once registered for My Pension, you can typically:
- Use the modeller to explore your retirement options.
- Update your details without contacting the Scheme administrator.
- View digital copies of communications.
- View payslips and P60s (if you’re a pensioner).
- Register your email address to find out when important updates or communications are posted online.
Thinking about your retirement choices?
If you haven’t taken your pension, the My Pension modeller can help you to see how your choices – including taking cash, retiring earlier, or (if eligible) using the Bridging Pension Option – could affect how much you get and when. The modeller is available for most members.
2. Let us know your wishes
Your Expression of Wish form is important. It lets us, as the Trustee Directors, know who you would like to receive any lump sum benefits that may be paid from the Scheme when you die.
We decide who gets any lump sum benefits that are due, and your wishes help to guide our decision. It’s worth checking that your Expression of Wish form is up to date, particularly if your circumstances change.
Good to know
Keeping your wishes up to date helps guide us when we decide who should receive any lump sum benefits.
You can complete, or review and update, your Expression of Wish form through My Pension.
How to update your wishes:
- Log in to My Pension (or register if needed).
- Select My forms.
- Choose Update my Expression of Wish.
- Complete the form and click Submit.
Paper forms are also available under the Plan Information tab.
3. Get retirement-ready (if you haven't retired yet)
Taking a little time to prepare can help you feel more confident about the future.
Find out what you have
Check which pensions you have and what you might get when you retire. This helps you understand what income you might get from all your pensions in retirement. Pension Dashboards should make this even easier in the future.
Check your details are up to date
Correct contact and beneficiary details help make sure you get important updates and that any benefits are paid correctly. You can check and update your details by logging into My Pension.
Think about your next steps
Think about when you’d like to retire, your options and what income you might need. You can get free guidance on pensions and retirement, and you can take this step at your own pace.
If you haven’t started taking your State Pension or your Scheme pension yet...
You may be able to choose the Bridging Pension Option. This option gives you a temporary higher pension from the Scheme to help cover the period before you reach your State Pension Age. If you’re eligible to choose this option:
- You will receive a higher Scheme pension up to your State Pension Age.
- When you reach State Pension Age, this temporary amount stops. Any remaining Scheme pension is payable for the rest of your life.
This option won’t be right for everyone, and choosing it will affect the level of pension you receive later. There are also certain eligibility requirements, like being at least one year away from your State Pension Age. You should take financial advice before making any decision.
Most members that are eligible for the Bridging Pension Option can use the modeller in My Pension to see how it might impact your Scheme pension.
The Scheme administrator, LCP, will usually contact you a few months before Scheme normal retirement date (age 65 for most members) with information about your options.
Extra support from Ilumiti
Planning for retirement can feel like a lot to take in - but you don’t have to do it alone.
As a member of the Scheme, you can get one personalised financial advice session with a qualified Ilumiti adviser, paid for by the Company, to help you:
- Understand your pension options
- Think through the right timing for your retirement
- Get guidance on tax and how it might affect you
- Feel confident about your choices
Feedback from members who’ve used Ilumiti so far has been encouraging:
"The Ilumiti financial review currently offered to our members allowed me not only to properly understand and discuss my upcoming pension options, but also the wider context of my current spending and future financial considerations. Looking at all of these individual pieces with the help of expert guidance from Ilumiti allowed me to form an overall picture of what I need to do now and going forward. It was an extremely worthwhile exercise in terms of my pension journey plan from this point in time."
– A member who has used Ilumiti