The normal retirement age (the age you can retire without your benefits being reduced) in Pace Complete is 65. When you retire:
- if you have benefits in Pace DC, you can take these at the same time or separately
- you can take part of your benefits from Pace Complete as a tax-free lump sum;
- you will receive a pension from Pace Complete each year until you die;
- your pension is given an inflationary increase each year; and
- your partner or dependents may be eligible for a pension when you die.
What are my other options?
Big pension changes were introduced from April 2015 that give members of defined contribution pension schemes such as Pace DC more flexibility and choice in how they use their pension funds on retirement. If you want to you can transfer your Pace benefits to another arrangement in order to access these flexibilities (such as taking the whole of your fund as a lump sum).
If you are interested in this option, you should ask the Pensions Department for a transfer value. You should seek financial advice before going ahead with a transfer and in some circumstances, the Trustees will require you to confirm you have taken independent financial advice before paying the transfer.
You should note that it is not possible for you to transfer your Pace Complete benefits into Pace DC in order to access these flexibilities.
What if I was a member of another Co-op pension scheme?
If you were a member of one of the other schemes that were closed in 2012, you may also receive a pension from the benefits you have built up in that scheme. Visit the section on Other Pension Schemes here.
What happens if I also have benefits in Pace DC?
You do not have to take your Pace Complete benefits at the same time as your Pace DC benefits.
Find out about taking your benefits from Pace DC at www.legalandgeneral.com/coop
Who is considered to be your partner?
In Pace Complete, your partner is someone who is your husband, wife, registered civil partner, same sex spouse or any dependant with whom you have been living in a relationship that the Trustees consider to be similar to marriage, and had been so at the date of your death for a continuous period of six months or more.
Pensioner Welfare Team
If you are already receiving your pension you can contact the Pensioner Welfare Team.
Phone: 0843 751 1701