Planning for retirement

My options

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It's important to think carefully about your options if you want to start claiming your Fund pension. Here are some examples of how you can take your benefits:

Lump sum

You can take a tax-free lump sum with your ​Fund pension. Please ask RPMI for an estimate by emailing or telephone the Helpline on 0800 2 343434.

Flexible pension

This option applies if you joined the Fund before 1 April 2007 and want to take your benefits before you​r State Pension age.

​You may be able to draw a higher Fund pension before you claim your State Pension, and a lower Fund pension afterwards. Alternatively you may be able to draw a ​lower Fund pension before you claim your State Pension, and a higher Fund pension afterwards.

Terms are based on your State Pension age when you take your pension from the Fund. Details will be provided when you request an estimate of your retirement benefits.

Extra pension for dependants

A pension will be paid to your eligible dependants when you die, but you may be able to give up part of your pension to provide more for a named dependant.

These payments will continue until your dependant dies. However if your dependant dies before you, you will still only get the reduced pension.

Additional Voluntary Contributions (AVCs)

If you have paid into AVC Extra and/or BRASS, you must take these benefits at the same time as your main ​Fund benefits, or transfer them to another arrangement if you want to claim them earlier or later.
We strongly recommend that you seek independent financial advice from an adviser who is authorised by the Financial Conduct Authority (FCA) before making any transfers. 

​Help and advice

You might want to consult an independent financial adviser before making such an important decision. ​See for a list of advisers in your area.

You can also find out more about all the above options by ​contacting your employer or pensions administrator RPMI -  email or telephone the Helpline on 0800 2 343434. But remember, neither can offer you advice about your own financial situation.

When contacting RPMI, please quote your pension reference number, which is in your Annual Pension Estimate (APE) or in my​Fund under Membership Details.


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