Retirement options

When you retire, you will have to choose from one of the following options:

  Option 1   Regular pension
  Option 1a   Pension only
  Option 1b   Pension commencement lump sum (PCLS) and a reduced pension
  Option 2   Pension increase exchange (PIE)
  Option 2a   Pension only with PIE
  Option 2b   PCLS and a reduced pension with PIE
  Option 3   Trivial commutation payment
  Option 4   Cash equivalent transfer value (CETV)

For more details including a full retirement summary, a breakdown of accrual rates, and an explanation of your tax allowances, take a look at our member retirement guide on our Documents page.

The options available to you will depend on a number of factors and you may not be offered all of those shown above. When you retire, Capita will provide you with a full retirement pack which shows the options that are available to you.