Whether you’re close to retirement or keen to plan for it, it’s really helpful to understand the benefits and options you have in the Scheme. The content on this page helps you with this.
To be sure what your specific benefits are, you can request a benefit statement at any age or a retirement pack from age 55 by contacting the Scheme administrator or via the ePA portal linked below.
The amount you receive is based on how long you were an active member of the Scheme and your pensionable earnings.
You can currently take up to 25% of your pension value as a tax-free lump sum when you retire.
If you take a cash lump sum, the amount of your guaranteed pension will be reduced.
You can choose to transfer out of the Scheme to gain extra flexibility in how you use your benefits
(you may need to take independent financial advice to do this).
If you die before retiring, the Scheme will pay a pension to your spouse or civil partner typically equal to 50% of your pension, depending on your circumstances and assuming you had retired the day before your death. The spouse pension payable may be subject to certain restrictions and status. If no qualifying spouse or civil partner is applicable, then the Trustee may permit a similar pension to be paid to a proven financial or child dependant. Please note for reference there is no lump sum death benefit payable under the Scheme.
If you’re considering leaving the Scheme by transferring to another pension arrangement, please get advice from a financial adviser (you must do so if your benefits are worth over £30,000). Find out how to find a pension or retirement adviser on the MoneyHelper website here.
You can request a retirement quotation from age 55 by contacting the Scheme administrator. This is the earliest age you can draw benefits from the Scheme as either a full pension or, if you choose, up to 25% of the value as a cash sum with a smaller pension.
The retirement pack will include your entitlement, the retirement benefit options available and the process you need to follow should you wish to go ahead and claim the benefits. It will usually be provided within 5 working days. If this period is extended, you will be updated.
If you want to transfer your benefits out of the Scheme, you can get a transfer value pack on the ePA portal under ‘My Quotes’. You can request a transfer value quote every three months on the ePA portal and each quote is valid for three months. Alternatively, you can also contact the Scheme administrator for the relevant forms for you to complete and return.
The transfer value pack will include the current Cash Equivalent Transfer Value and process you need to follow if you wish to go ahead and transfer out the benefits. It will usually be provided within 5 working days. If this period is extended, you will be updated.
If your transfer value is greater than £30,000 you must take advice from a Financial Conduct Authority (FCA) authorised financial adviser (who is authorised to advise on pension transfers).
If you can, it’s a good idea to invest in speaking to a financial adviser. Often large amounts of money are at stake and they’ll be able to help you make the right decision for you. You can find an adviser in your local area using MoneyHelper’s Retirement Adviser Directory.
The Trustee strongly recommend you get advice to fully understand your options.
It’s important to tell us if you’ve moved house, got married or if your bank details have changed. It’s also important to make sure your beneficiary nomination details are kept up to date and reflect your current wishes, so we know who you’d ideally like your pension benefits to be paid to if the worst happens. You can do this at: epa.towerswatson.com/accounts/MAK
The simplest way to report a death is via the Scheme administrator’s online notification service. Alternatively, you can contact the Scheme administrator, providing the Scheme name, the full name of the person who has passed away, their address including the postcode and either their date of birth or National Insurance number.
The Scheme administrator may need you to complete a death benefit questionnaire and share the following documents:
They will let you know separately if they need to see any other documents.