Freedom and Choice

The Wincanton Pension Scheme provides freedom and choice in how you can access your pension savings.

It is important that you understand the choices that you have so that you can make the most of your savings and plan for retirement.

What are my choices?

You may be able to use your pension savings in a number of ways when you retire. You could do any of the following:

1. Take all of the money as a cash lump sum. 25% of this will be tax-free and the rest will be taxed as income and subject to tax at your marginal rate.

2. Leave some of your funds invested and take up to 5 lump sums when you wish. You can continue to do this throughout your retirement as long as you have funds to withdraw. 25% of each lump sum will be paid tax-free.

3. Use all of your funds to buy an annuity (a guaranteed income for life paid for by an insurance company). This can be with or without taking 25% of the value of your pension savings as a tax free cash lump sum .

What should I do if I need more guidance?

Pension Wise is available to members age 50 and over and provides information and free and impartial guidance about your pension options. The website can be found at

You can also get guidance from the Pensions Advisory Service and Citizens' Advice

Is there anything I need to do now?

If you have not yet retired, you need to make sure you understand what options you have when you retire.

Remember that there are a number of ways that you can take your benefits so you should check if the way your savings are invested is appropriate to meet your intentions. Independent financial advice may help you with these decisions.