WorkSave Pension Plan
Our WorkSave Pension Plan is a group personal pension with the option to offer self investment if required. The plan was designed with the collective needs of an employer's entire workforce in mind.
Options at retirement
Members may select one or a combination of the following options:
Cash lump sum
Members can take some or all of their pension pot as a lump sum, with a minimum partial withdrawal amount of £2,000. The first 25% will usually be tax free and the remaining 75% treated as taxable income.
A flexible income
Members with a pension pot of £30,000 or more (before any cash lump sum) can elect to take their pension as regular or irregular income as needed. Minimum drawdown limits apply and income payments are treated as taxable income.
Members may choose an annuity from any provider.
Transferring pension benefits
Members can transfer their pension pot to another provider before and in some circumstances after retirement.