Search button Manage account button
Simply meeting people’s financial needs
Menu

Lump Sum Retirement Benefit

Did you know?

  • Launched in 1982
  • Over 300,000 members
  • Replaced by our EasyBuild Pension in 2001

A one-off payment when you’re 65

It’s not an option you can join anymore. But if your employer set this up for you in years gone by, it’s a handy part of any pension portfolio.

How it worked

It ran from 1982 to 2001, where employers contributed through the stamping of holiday cards towards a lump sum payment at 65 years of age. There was also the option to make 'additional voluntary contributions' (AVCs) to build up extra benefits.

What you can do

If you have Lump Sum Retirement Benefit you'll get a tax-free lump sum payment when you're 65.

Alternatively, if you're interested in other ways to access your retirement savings, you could transfer to another pension scheme or provider – such as EasyBuild or The People's Pension.

Benefits

  • Quids in – a tax-free lump sum payment on your 65th birthday
  • 65th birthday present – you’re paid on your big day, or from age 60 at a lower amount
  • Incapacity – potential for early payment in exceptional circumstances
  • Alternatives – you may be able to transfer to another provider to enjoy other retirement options

Your options at retirement »