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 £12.

Example

You must tell us if you want to give up pension for lump sum before you retire.

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