The Government has introduced changes to allow you to take your retirement benefits differently in the future. Fewer members are likely to buy a secure income (often called annuity). More members may take their benefits as cash, either in a lump sum or as a flexible income over a period of years.
Our investment options take these changes into account. The lifestyling process can continue beyond your Target Retirement Date. Under the Lifeplan, your fund will remain invested in the Retirement Planning option which is designed to protect your funds against inflation, for as long as you choose. Or you can choose the right investment option for you depending on your retirement plans. We will keep the choices under review and change them if necessary in the future.
You can take your 25% tax free sum at retirement from the Cash option and leave the remainder of your fund invested in the Retirement Planning option or the investment option of your choice. You can then draw down cash over a period of years (through Cheviot's flexi access option) or buy a secure income from another provider, called an annuity.
The information on this page does not represent financial advice and the Trustee strongly recommends that members take independent financial advice in connection with decisions relating to their pension fund.
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