There’s more to retiring than you might think…

There’s more to retiring than you might think…

Supporting you to make the right the decision for you

Whether you’re getting ready to take your pension savings, or only just starting to think about retirement, you have more control over your savings in the Aliaxis DB Scheme than you might think.

With the new pension flexibilities, you can make your money work for your personal situation and your plans. You have a series of choices to make and this microsite can help you think about what might be right for you. 

Start your journey by following our 3-step plan.

Watch the explainer video

Get a quick overview of all of your available options. Our video will help you explore your options with confidence.

Click or tap on the icon, bottom-right to watch fullscreen sized.

Step 1. Consider your priorities

What’s your retirement dream?

Traveling to places you’ve never seen? Maybe starting your own business? It’s important to make sure you take your retirement savings in the best way for you.

Get inspired with our example members.

View example members

Step 2. Explore your options

Here are your options at a glance

Take your benefits from the Aliaxis DB Scheme

At a glance

A regular, guaranteed income for life
Typically increases in value to help protect against increases in the cost of living (inflation)
An income for your spouse/civil partner/qualifying dependent​ if you die before them
The option to take a smaller monthly pension in exchange for a tax-free cash lump sum
The Pensions Regulator believes, for most members, it’s likely in their best financial interests to take a pension from the Scheme
Limited flexibility to tailor benefits to suit your needs.

Read more...

By taking your pension from the Aliaxis DB Scheme, you’ll receive a guaranteed income for the rest of your life. Your pension will increase each year, in line with the Scheme Rules, to provide some protection against the effects of inflation. You also have the option to exchange part of your pension for a tax-free cash lump sum – up to 25% of the total value of your pension. If you have a spouse/civil partner/qualifying dependant when you die, they’ll receive a pension for the rest of their life, in line with the Scheme Rules. Also, if you die less than 5 years after taking your pension, a lump sum will be paid to your dependants. This would be the same value as the remaining pension payments that you would have received in the first five years. Learn more by reading our factsheet

Or, transfer your pension away from the Aliaxis DB Scheme

At a glance

  A pot of cash (a transfer value) to buy a pension outside of the Aliaxis DB Scheme, which can be tailored to your needs
The option to increase or reduce protection for your spouse/civil partner/qualifying dependent
The option to take more cash upfront
You need to be aware of pension scams (read more here)
You’ll need to manage your money to make sure it lasts for the rest of your life
If your funds are invested following transfer, you will take on investment risk and pay ongoing investment charges and advice charges
You could end up paying more tax if you take your money all at once.

Read more...

To learn more about what it means to transfer your pension out of the Scheme and why some people choose this option, watch our 3-minute explainer video by scrolling up.

If you transfer your pension you have three choices

You can take your benefits all as cash, a bit at a time, as a guaranteed regular income – or mix and match. You’ll find an estimate of your current transfer value in the statement you recently received from Aliaxis. Once you’ve read through these details, type in your numbers into the Retirement Options tool to see what these different choices could mean for you.

Transferring out cannot be reversed so make sure you understand the risks and benefits, this FCA webpage and FCA video provide additional information that can help you understand the option and what you could be giving up. You should also be aware of potential pension scams (you can read more here) and only transfer out to a reputable provider. Speaking to an FCA-Registered Financial Adviser can help. As a rule of thumb, if something sounds too good to be true, it probably is.

The MoneyHelper website also provide some tools to help with your options, including a pension calculator and annuity comparison tool which you can access here.

Transfer out and buy a regular income for life (an Annuity)

At a glance

  A guaranteed income for the rest of your life, called an Annuity
  Choose the level of benefits  to match your priorities
  A possible higher income if you have health issues
  You’ll need to shop around to get the best deal
Depending on the benefits you choose, the annuity may not provide protection for your dependants or against the effects of increases in the cost of living (inflation).

Read more...

By buying an annuity, you’re able to tailor a regular, guaranteed retirement income to your suit your circumstances.

For example, you’ll be able to decide whether you want to include an income for your spouse, your civil partner or a qualifying dependant after you die and whether you want your income to increase over time or remain level. You may also be able to get a higher income if you are in poor health or are a smoker.

Learn more by reading our factsheet

Transfer out and withdraw cash as and when you need it (Drawdown)

At a glance

  Take your money as and when you need it, called Drawdown
  If you die before 75, savings can often be passed tax-free to your spouse/civil partner/qualifying dependent
You’ll need to ensure your money lasts as long as you need it (estimate your life expectancy here)
No guaranteed income for your retirement; you’ll need to take on investment risk and pay ongoing investment and advice charges.

Read more...

By investing your pension savings into a Drawdown arrangement you’ll have the flexibility to withdraw taxable cash as and when you need it throughout retirement.

However, you’ll be responsible for managing your savings, including choosing which funds to invest in.

Learn more by reading our factsheet

Transfer out and take a single cash lump sum

At a glance

  Take all of your benefits as a cash lump sum
  You’ll be taxed on 75% of the amount you take, possibly at a higher level than you’re used to
  No guaranteed income for your retirement; you’ll need to ensure your money lasts as long as you need it to.

Read more...

By taking your pension savings as cash you’ll be taking all of your pension savings at one time as a single lump sum.

Up to 25% of your lump sum may be paid tax free, but you’ll pay tax on the remainder – potentially pushing you into a higher tax bracket as your income is not spread out.

You will be responsible for making your money last.

Learn more by reading our factsheet

Which option is right for you? – Compare your options

Mix-and-match your options

Should you wish to, you can mix-and-match from the options above.

For example you can take some cash up front, buy an income for life to cover the basics and draw down the rest. It’s entirely your choice.

You may wish to speak to a Financial Advisor if you are considering this.

Compare options side-by-side

Please click or tap the image below.

Use the Retirement Options tool

Once you’ve got a transfer value quote, you can compare your Scheme Pension against taking a transfer and using the flexible retirement options instead. Compare your options with the Retirement Options tool.

Step 3. Make your decision

This is a big decision. It’s important to have all the information you need to make it.

Helping you make a decision

If you have taken advice or guidance from Wren Sterling (or your own adviser) and would like to choose from one of the available options please read the instructions below.

Guidance

MoneyHelper is available to provide you guidance. There is a lot of information available on their website, here , or you can talk to them either by:

  • By telephone: 0800 011 3797 (from 9am to 5pm, Monday to Friday).
  • Webchat  (available 9am to 6:00pm) – visit their website and click/tap on ‘Talk to us live’.

Advice

By taking financial advice, you’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation. Click/tap here for more information.

Made a decision?

If you have taken advice or guidance from Wren Sterling (or your own adviser) and would like to choose from one of the available options please read the instructions below.

 

Receive your pension from the Aliaxis DB Scheme

If you want to receive your pension from the Aliaxis DB Scheme, contact Wren Sterling who will provide you with the relevant forms to complete.

 

Or, transfer your pension away from the Aliaxis DB Scheme

If you want to transfer your pension away from the Aliaxis DB Scheme to access one of the other options, you will need to decide which of the options that you have discussed with Wren Sterling you wish to take. With Wren Sterling, complete the relevant forms and return them. Wren Sterling will then liaise with your chosen provider and with Broadstone to arrange the necessary transfer.

Not ready yet?

No worries, you don’t have to do anything if you do not want to. These options will be available in the future for when you are ready to consider stopping work.