As a Plan member you have a number of options as to how you access your benefits. So, as you near retirement it is important that you take the time to understand them. That way you can make the right decision for your circumstances.

You will have a number of choices as to how you take your benefits. Broadly, your options will fall into two groups:

• Options if you take your benefits from the Plan; or
• Options if you transfer the value of your benefits out of the Plan.

The Trustee has seen an increase in the number of members requesting a cash equivalent transfer value (CETV) of their benefits in the Plan, since the Government introduced more retirement options in 2015. How you take your benefits is one of the most important financial decisions of your life and so the Trustee wants to help by giving you the tools to help you decide which option is best for you.

If you transfer out of the Plan you may have more flexibility as to how you receive your benefits although this does not necessarily mean this is the right choice for you.

We want to support you to enable you to make the best retirement choices. With this in mind you can:

1. Explore your Plan retirement options using our interactive modeller which you can access in ‘My Pension’, the secure member area of the Plan website.

2. Once you have reviewed your options, if you are age 55 or above, you can request a full retirement pack from our Administration Team.
3. Your retirement pack will provide log-in details for an online tool which will help you to explore some of the options that may be available if you choose to transfer out of the Plan.
4. If you would like to transfer out of the Plan, in most cases you will need to obtain independent financial advice. The Trustee has engaged a financial adviser. They have been given details on the Plan benefits and will be able to provide you with the appropriate financial advice relating to your options, at a preferential rate. Details of how to access this service will be available in your full retirement pack, which is available on request from Equiniti.