Taking a lump sum at retirement – for DB members

If you have not started receiving your DB pension benefits from the Scheme, you may be considering your options. You have various options at retirement, one of which is giving up some of your annual Scheme pension in exchange for a tax-free cash lump sum. This is also called a taking a ‘pension commencement lump sum’.

If you would like to know more about this, we have added a guide about Taking a lump sum to the library, which includes details on how we calculate the amount of tax-free cash DB members can take.