Partnership pension scheme
Your pension benefits
Retiring
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How big will my pension be?
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When can I draw my pension?
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What happens when I retire and how do I get my pension?
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Can I carry on working after I draw my pension?
How big will my pension be?
The amount of your pension will depend on:
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the amount of money that both you and your employer contribute each month
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the investment returns that your pension provider achieves in the fund
(or funds) you choose
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the annuity rate which is used to convert your pension pot into a monthly
income when you retire.
It is important that you give your pension fund a regular ‘health check’
over the years to make sure you are on track to get the sort of retirement
income you want. Remember that contributions made while you are young are
going to have more years to grow with investment returns.
When can I draw my pension?
Under current legislation, you can draw your partnership pension at any
time between the ages of 50 and 75. You choose the timing to fit in with
your personal circumstances. You also decide whether you want to provide a
pension after your death for your dependants. When you draw your pension,
you can choose to take up to 25% of your pension pot as a tax-free lump
sum, subject to the
Lifetime Allowance.
What happens when I retire and how do I get my pension?
Remember that you choose when you start to draw your pension. It does not
have to be when you ‘retire’ from the Civil Service; you can draw your
pension at any age from 50 to 75. However, you may want your pension to
start as soon as your Civil Service pay finishes. When you come to retire,
you will need to turn your pension pot into an income for life – a pension.
This is known as an annuity. For more information about buying an annuity,
see the ‘partnership pension account’ booklet.
Can I carry on working after I draw my pension?
Yes. Drawing your pension does not have to be linked to retiring from work.
