Deferred pensioners

The Refinitiv Member Services Centre will send you a pension retirement pack around 6 months before your Normal Retirement Age (NRA) which will include details of the estimated pension to be paid and tax-free lump sum commutation options.

As a member of the SPS you may be able to access your benefits, depending on your individual circumstances and membership status, in a variety of ways. These include (but are not limited to):

Early retirement - the ability to retire before one's NRA, subject to a reduction in pension to reflect that it will be potentially be paid over a longer period than expected. Please note that members in Serious Ill-Health (a defined term by HMRC) may be able to draw their benefits at any age, subject to HMRC requirements.

Late retirement - the ability to postpone accessing benefits past NRA, with the pension increased by the application of late retirement factors.

Cash Equivalent Transfer Value (CETV) - the ability to transfer all pension benefits to another pension arrangement before they have been accessed. Members under NRA are entitled to one free statement setting out their CETV during a 12-month period. Please note that complex rules and restrictions apply to the transfer of benefits in order to protect members from scams and help members make appropriate choices, so you may not be eligible for a transfer in all circumstances.

Single person uplift - members that do not have a spouse or civil partner at retirement have the option to increase their retirement benefits by sacrificing the dependant's pension that would normally be payable upon their death.

Increased dependant's pension - members may exchange some of their own pension in order to provide a higher spouse or civil partner's pension upon their death.

Trivial commutation - members with benefits valued under £30,000 may be able to take it as a one-off payment (known as trivial commutation), subject to certain conditions being met.

The Refinitiv Member Services Centre can provide further information on any of the options listed above. Please note that all benefits must be paid according to the detailed provisions of the Rules of the SPS. You should always consider taking independent financial advice before making any decision regarding your pension.