You can update your details by contacting Gallagher, the Scheme Administrators.

For member’s who joined before 6 April 2006, the minimum pension age is 50. For all other members the minimum pension age is currently 55 increasing to age 57 in 2028. Early retirement at any age is subject to meeting the contracting out requirements.

If this applies to you, you’ll need to contact Gallagher for an early retirement quote and to explore your options.

It is your responsibility to ensure you monitor and understand how your pension savings may be affected by the allowances imposed by HMRC.

Annual Allowance (AA) - the AA is the amount of pension benefits you can build up in a single tax year without a tax charge applying. The standard AA is £60,000 per year. For the DB Plan, it's based on the capital value of the increase in your pension benefits over the tax year. It’s possible to save more than the standard £60,000 by carrying forward an AA from previous years.

Also, there are currently two situations where your AA may be lower than £60,000:

• If you have a high income totalling over £240,000 per year (from 2020/21). This threshold income is different for earlier tax years.
• If you have accessed some of your pension savings from a Defined Contribution (DC) arrangement.

You can find out more about AA and what it potentially means for you on the Gov.uk website: https://www.gov.uk/tax-on-your-private-pension/annual-allowance

Lifetime Allowance (LTA) - The lifetime allowance was set at £1,073,100 and had been expected to stay at this level until April 2026. However, this was abolished on 6 April 2024. In advance of this, the lifetime allowance tax charge was removed on 6 April 2023.

You can find out more about the LTA and what it potentially means for you on the MoneyHelper website: https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/lifetime-allowance-for-pension-savings

You have the option to transfer your benefits to another registered pension scheme. Whilst transferring your benefits will potentially provide you with more flexibility, you really need to consider this option carefully and decide whether this is right for you.

If the cash equivalent value of your pension is £30,000 or over, there’s a legal requirement for you to obtain appropriate independent financial advice. If your benefits are less than £30,000, it’s strongly advised that you seek financial advice before transferring.

You’ll need to contact Gallagher to request a transfer value quotation. You can receive one transfer value quotation free of charge in any 12-month rolling period. Any further requests within 12 months, from the date of the first quote, will be subject to an administration charge.

Included with your quotation will be all the forms, that you will need to complete before the transfer can proceed.

Option 1: Receiving an annual pension from the Scheme - This option may appeal to you if you prefer a regular expected payment, much like a salary. The pension you receive will increase each year in line with the Scheme rules. The amount your pension will increase will depend on what section you’re in.

Option 2: Receiving a tax-free cash lump sum and an annual pension from the Scheme - At the point you retire you will have the option of taking a tax-free cash lump sum from the Scheme, which will mean reducing the amount of regular pension you receive. You can take up to a maximum of 25% of your total benefits tax-free as a cash lump sum.

A lump sum could be used to handle unexpected expenditure such as medical expenses or home improvements and can be passed on to your beneficiaries in the event of an early death.

Option 3: Transfer your pension benefits to another arrangement - You have the option to transfer your benefits to another registered pension scheme. Whilst transferring your benefits will potentially provide you with more flexibility, you really need to consider this option carefully and decide whether this is right for you.

If the cash equivalent value of your pension is £30,000 or over, there’s a legal requirement for you to obtain appropriate independent financial advice. If your benefits are less than £30,000, it’s strongly advised that you seek financial advice before transferring.

When you’re ready to retire, it’s recommended that you seek independent financial advice, to help make your decision on how you take your benefits.

To make this process easier and more affordable to members, the Trustee will cover the cost for you to receive impartial financial advice through our appointed advisory firm, WPSA. WPSA can provide advice to members of the Scheme looking for help with deciding how to provide a retirement income from the Scheme, which may include transferring their benefits.

WPSA are authorised and regulated by the Financial Conduct Authority (FCA) and are leading retirement-advice specialists.

You can contact WPSA using the following details.

• Telephone: 0808 145 3471 (UK) or 0203 283 7671 (overseas)
• Email: tyco.pensions@UKWPS.com

If you want to learn more about WPSA, you can visit their website.

Please note that you are not obligated to use WPSA. You can use your own financial adviser, but WPSA is available should you wish to speak to them.

You can source a financial adviser by visiting the MoneyHelper site.

Receiving a pension from the Scheme will mean that you qualify for other benefits provided within the arrangement. These include benefits payable in the event of your death. It is important you have updated your Expression of Wish, informing the Trustees who you would like to receive your benefits in the event of your death.