RPSM08200030 - Member Pages: Pension age: What benefits can I take?

What benefits can I take?

The rules of your scheme will determine the benefits which can be taken from your pension scheme and when they can be taken. You may take benefits from different schemes or separate arrangements within the same scheme at different times (subject to the scheme rules permitting); for example you may wish to take your additional voluntary contribution (AVC) benefits at age 55, and then take your main scheme benefits at age 60.

You should speak to your scheme administrator and financial adviser to find out the options available to you.

If you are entitled to a pension credit benefit following a pension sharing order on divorce or dissolution of a civil partnership, then the option to take a pension commencement lump sum can only be made available to you, if your pension credit arose out of rights that were crystallised before the pension sharing order first applied (i.e. that were uncrystallised when they “belonged” to the person who now holds the corresponding pension debt).