Retirement options
When you retire, you will have to choose from one of the following options:
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Option 1 |
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Regular pension |
| • |
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Option 1a |
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Pension only |
| • |
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Option 1b |
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Pension commencement lump sum (PCLS) and a reduced pension |
| • |
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Option 2 |
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Pension increase exchange (PIE) |
| • |
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Option 2a |
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Pension only with PIE |
| • |
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Option 2b |
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PCLS and a reduced pension with PIE |
| • |
|
Option 3 |
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Trivial commutation payment |
| • |
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Option 4 |
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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.