The Normal Retirement Date under the Scheme is age 65. You may retire then and take your benefits. Alternatively you may retire at an earlier age (but not before age 55) or later age, provided the Trustees and your Employer agree. Bear in mind that the earlier you retire, the smaller your pension is likely to be. This is because your DC Account will have had less time to grow, and your pension will cost more because it will be payable for longer.

Retirement can occur at any time after attaining age 55.  When you retire the value of your DC Account from the ITB Pension Funds can be used to either: 

• buy a pension, otherwise known as an Annuity (you may take up to 25% of the accumulated value of the fund as a tax free lump sum, with the remaining 75% being used to secure a pension/annuity).

Or

• Take the entire pension pot in cash, 25% of which can be taken as a tax free lump sum. 

Alternatively, you can transfer to another provider to take advantage of other options available, for example Flexi-drawdown and Partial Pension Encashment.

What you do with your pension is an important decision. Therefore, we strongly recommend that you fully understand the options available to you.  You may wish to speak to a financial adviser.  A list of Financial Advisers, can be found on the IFA Promotions website: www.unbiased.co.uk . 

If you are still unsure Pension Wise, the Government's new pension guidance service, is available to provide a free impartial service to help you understand your options at retirement. You will be able to access the service online, over the telephone and face to face. Further details are available via www.gov.uk/pensionwise. 

Please note that ITB Fund staff members are not permitted to give you financial advice.

The Retirement Process and the actions that must be undertaken in order to commence receipt of your pension benefits are as follows: 

• You must provide written notice to your Employer informing them of your intention to take retirement from the Scheme and the date on which you wish to retire.
   
•  Your Employer will confirm the details of your retirement to the Funds' Office and following payment of your final pension contribution the Provider will write to you at your home address providing your with your retirement options avaiable through the ITB Pension Fund. 

• You are advised at this point to take independent financial advice.  

• Once all forms have been completed the Provider will liaise with you to pay any lump sums. 

• The Insurance Company chosen to provide you with your Pension/Annuity will now be responsible for administering your Annuity. All future queries should be directed to them.