When can I access my pensions savings under the Plan?
You can normally take your benefits on the last day of the month in which you reach the age of 65 (this is known as your Normal Pension Date under the Plan Rules) although benefits can normally be taken at any time from age 55. You can take your savings out of the Plan at an earlier or later date than the Normal Pension Date, as explained later. You can still be employed by a Carillion company and take your benefits - you don't have to have "retired" or left employment with Carillion.
What happens when I withdraw my savings?
Briefly, your options are (please note some of the options below are not available through the Plan and you would need to transfer your benefits to another registered pension arrangement first) :
Please note that you have to take all of your benefits from the Plan at the same time as you take any tax-free cash.
If you decide you want to transfer your benefits out of the Plan in order to access these flexibilities, the Plan always pays the full value of your Account after any transaction costs.
What help is available? - Pension Wise
"Pension Wise" is a free and impartial guidance service set up by the Government, which aims to help you understand what your choices are and how they work. You will be able to get help on the Pension Wise website, over the phone, or face to face with guidance specialists from the Pensions Advisory Service and Citizens Advice if you are aged 50 or over on:
As these choices are very important for your future, the Trustee recommends that members also consider seeking independent financial advice. You can find an independent financial adviser in your area at this website:
Annuity Selection Service
The Plan also provides referrals to Hargreaves Lansdown, a leading annuity broker, to help members who want to select an annuity provider. The annuity service is optional and paid for by a fee deducted from your Account. If Hargreaves Lansdown are asked to arrange an alternative arrangement, separate terms will be agreed at the time.
If you want Hargreaves Lansdown to contact you, please speak to the Plan administrator.
Can I access my pension savings earlier than Normal Pension Date?
You may currently access your pensions savings at any time after the age of 55.
If you decide to take your benefits, you must use the full value of your Account at that time to provide benefits for you or your dependants.
Please contact the Plan administrators, JLT, if you would like to find out more about accessing your pension savings.
Can I leave my savings invested after Normal Pension Date?
Yes, and if you continue to work for Carillion, your contributions (and your employers) will automatically continue to be paid to the Plan until the earlier of you leaving employment, opting-out or you take your benefits. Please note, however, that the company has commenced consultation over the closure of the Plan to future contributions later in 2018. Depending on the outcome of the consultation no further contributions may be paid to the Plan after September 2018.
What if I become too ill to work?
If, due to illness or injury, you are no longer capable of carrying on your normal employment (with any employer not just a Carillion company) and are unlikely to recover to any significant extent, you may be able to withdraw your savings before age 55 on the grounds of ill health.
Please contact the Plan administrators, JLT, if you would like to find out more:
Telephone: 01372 200355
Mail: JLT Employee Benefits, Post Handling Centre U, St James's Tower, 7 Charlotte Street, Manchester M1 4DZ.
Control Version: 7 August 2018