What if I want to take my pension?

Your pension benefits are set out in the letter you received from the Pensions Administration Team after you left.

If you joined the SOCPF before 1 January 2009, your pension at date of leaving will be revalued over the period from your date of leaving to date of retirement, increasing in line with increases in the Retail Prices Index (RPI) up to 7% each year.

If you joined the SOCPF on or after 1 January 2009, your pension at date of leaving will be revalued over the period from your date of leaving to date of retirement, increasing in line with increases in the Retail Prices Index (RPI) up to 5% each year.

In the first year after leaving active service the increase will be pro-rated reflecting the fact that the pension being increased has been in deferment for less than a full year.

If you have paid Additional Voluntary Contributions (AVCs) whilst a member of the SCPF, you can take your AVC benefits at the same time as your main SCPF benefits or later, up to age 75.

If you take your AVC benefits at the same time as your main SOCPF benefits, you will be able to take all of your AVC fund as a cash lump sum, provided it doesn’t exceed 25% of the value of your total pension benefits. Alternatively, you can use it to buy additional annual pension. If you take your AVC fund later than your main SCPF benefits, you will only be able to take up to 25% of your AVC fund as a cash lump sum.

If you wait until Pension Age to draw your pension, you will receive details of your options shortly before you reach Pension Age. It is important to make sure you tell the Pensions Administration Team when you change address, otherwise payment of your benefits may be delayed. You can do this by completing the Change of Personal Details Notification form.

You can request an early retirement quotation from the Pensions Administration Team, who will confirm the procedure if you wish to take your pension early. Your pension will be reduced to reflect the longer time it will be paid. The early retirement reduction factor applied is currently 3.5% for each year before Pension Age you retire. This factor is subject to regular review by the Founding Companies and may change in the future.

 

Yes, you can either take a pension only, or elect to give up some (up to a maximum of 25% of the capital value) for a cash lump sum.

Please note that commutation factors are changing with effect from 1 October 2024 to reflect market conditions, such that the cost of converting pension to a lump sum at retirement will increase. The factors are used when a member chooses to convert some of their pension to a lump sum at retirement and are subject to change from time to time. The maximum lump sum to which you are entitled will depend on the factors in force as at the date of your retirement.