Transfer to an external annuity or drawdown provider

You are able to transfer your benefits at any time up to when you retire. This option is also likely to provide you with a higher tax free cash lump sum than available from the TRW Pension Plan.

From 6 April 2015 the rules on how your benefits can be paid if you transfer out of the Plan have changed. These rule changes have enabled greater flexibility on how you can choose to receive your retirement savings. The options available from April 2015 are broadly:

If you are over 55 and considering retirement you should contact Capita to request a retirement quotation.

In order to transfer out of the Plan you will be required to obtain authorised financial advice. To help you make a decision on the most appropriate retirement option for your personal circumstances the Trustee has appointed LEBC to provide financial advice at no cost to members. Details of LEBC are provided on the retirement quotation provided by Capita.