Flexible Retirement options in the HP Plan
The Rules of the Plan allow you to take 50% of your pension benefits and defer taking the other 50% until a later date. This is conditional on you having reached age 55 on or after 5th April 2010, and having left service or opted out of the Plan.
Should you wish to consider this option please contact the Administration Team. Please remember to include your employee id and the date you’d like to start taking your benefit.
The Administration Team will then send you a statement of the amount of pension you may take, what benefit will remain in the Plan and how it will be treated.
If you wish to proceed, complete and return the enclosed forms together with any other documents requested.
The Administration Team will then
- disinvest any AVCs if applicable
- pay any lump sum due
- set up your pension benefit, with arrears, if applicable.
- Liaise with HMRC to determine your tax code, and make the necessary adjustments to your payments.
You may take retirement benefits whilst still working for the Company.
You can read the Trust Deed and Rules in the Document library.