I'm a pensioner or I've left the Co-op

Children playing

I'm a leaver

If you’ve left the Co-op but kept your pension savings in Pace, this page will help you understand your options.

Pace DC

You have a choice between these two options:

  • Leaving your account in Pace. It will remain invested and you will be able to continue to Manage your Account online and change your investment choices if you want to. Around 12 to 24 months after you have left the Co-op, your account will be transferred to an individual policy (with Legal & General) in your own name. This means you won’t be a Pace DC member anymore. The Pace DC pension guide explains what happens to the fund charges you pay.  
  • Transferring all the money in your account to another registered pension scheme.

It’s important to let us know if you change your address, especially if you’re no longer working for the Co-op. You can change your address by contacting Legal & General.

Pace Complete

If you built up a pension in Pace Complete, your pension was calculated as at your date of leaving. Since then, your pension has received increases each April, which will continue until the date it’s paid, to help protect it against inflation (up to a maximum of 5% a year). The Pace Complete pension guide explains how your pension would be paid and what other benefits you’re entitled to.

It’s important to let us know if you change your address, especially if you’re no longer working for the Co-op. Otherwise, there might be a delay in paying your pension when you’re ready to take it. You can change your address by contacting the Co-op Pensions Department.

Transferring my benefits

You’ve got a right to transfer your pension to another registered pension scheme, subject to the Pace Rules. There are some additional points to consider if you want to transfer your pension overseas. You should also be aware that there are people who will try to trick you out of your pension savings, so read this information about pension scams.

If you’re interested in transferring your benefits, you should ask the Co-op Pensions Department for a transfer value (if you have a pension in Pace Complete) or Legal & General (if you have an account in Pace DC).

There are some rules about these options, but you can find out more by reading the relevant pension guide for your section.