Can I take a lump sum when I retire?
When you retire, you can take part of your pension as a lump
sum; this is normally paid tax free.
- If you were a member of the Scheme before 1 April 2008 you are
automatically provided with a lump sum.
- If you joined after 1 April 2008 the Scheme no longer provides
an automatic lump sum, but you can give up some of your pension for
a lump sum.
If you want to take a lump sum, or increase the size of your
lump sum you have to give up £1 of pension to earn lump sum of
You must tell us if you want to give up pension for lump sum
before you retire.