Taking Your Benefits

Benefits When You Retire

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.

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) :

  • Take it all as a single lump sum - You can take the whole of your Account as a one-off lump sum from the Plan. The first 25% of your Account can usually be taken as tax free cash (subject to your Lifetime Allowance). The rest of the lump sum payment would be taxed at your highest rate of income tax in that financial year. If it is a sizeable sum of money, you may find you are pushed into a higher tax bracket and have to deal with any overpayment or underpayment of tax through your self assessment return. If you are thinking about taking your Account as cash, you should also bear in mind there is a risk that you may run out of money and have to rely on the State Pension (or Social Security) when you stop working.
  • Take it in stages, as a series of lump sums and/or regular withdrawals - After taking any tax-free cash, you could take your remaining savings as a series of cash payments or as a regular income. Each payment would be taxed at your highest rate of income tax in the year that you take it. This is not an option under the Plan, so if you wanted to do this you would have to transfer the full value of your Account out of the Plan to another arrangement that offers this flexibility. If you are considering this option, you should also think about how much you take out every year and how long your money needs to last. You should also check whether there are any charges for keeping your pension savings invested and for making withdrawals.
  • Purchase an annuity - You can use all or some of your Account (after taking any tax free cash sum) to purchase an annuity, which gives you a guaranteed, steady stream of income, normally for the rest of your life. This would be taxed under PAYE as income.
  • A mixture of the above - If you wanted to do this you would have to transfer the full value of your Account out of the Plan and to another arrangement that offers this flexibility.

 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:

  • what you can do with your Account;
  • the different options and how they work; and
  • what's tax-free and what's not


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:


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 your Account will continue to be invested in your chosen funds as long as the Plan continues. You may wish to review whether your current investment choices are still appropriate.  

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 future employer or self-employed role) 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:

Email: carillion_pensions@jltgroup.com

Telephone: 01372 200355

Mail: JLT Employee Benefits, Post Handling Centre U, St James's Tower, 7 Charlotte Street, Manchester M1 4DZ.

Members can also view their fund details at https://ama.jltgroup.com (log in details are required - the web support team can be contacted at 01372 386000 or at websupport_pal@jltgroup.com).



Control Version: 4 October 2018