Your options on retirement

The TRW Pension Plan provides certain options when you retire. However, you should be aware that there may be additional options available if you were to Transfer Out and receive your pension from an external pension provider.

The options available within the Plan depend on the Rules of the Section of the Plan of which you are a member.

Closed TRW Steering and Closed TRW UK

You may be able to exchange part of your pension for a tax-free cash lump sum.

Tax-free cash

You can choose to exchange part of your pension at retirement for tax-free cash. You only have one opportunity to do so just before you retire. Once you have retired you cannot change your mind.

If you were to transfer out of the Plan at the point of your retirement the amount of tax free cash available may be higher than that available from the Plan.

All other Sections

You have the following three options: