As a member of the HBOS Group Money Purchase Scheme, a number of benefits are available to you when you reach retirement:
- a cash lump sum in place of part of your pension - you can take up to 25% of your retirement account, tax free
You can use the rest of your retirement account to buy one or more retirement benefits from an insurance company:
- a pension for yourself, payable for the rest of your life
- a pension for your spouse, partner or other dependants when you die
- pension increases to help reduce the effects of inflation
You're free to buy the mix of retirement benefits that suits you best, but you must use some of your individual retirement account to buy a pension for yourself.
The benefits you receive when you retire will depend on how much money is in your retirement account, the type of annuity you wish to buy and the cost of these at the time that you retire.
Use the on-line Pension Planner to see what benefits your could receive when you retire.
