As you know, the Government has introduced new flexibility around the options that people will have when they come to retire. These options became available from April 2015 to people aged 55 and over.
Your pension scheme members can access this flexibility with Royal London.
Existing customers will normally be able to take all or part of their pension as a lump sum from their current plan. Some customers who want to take part of their pension as a lump sum may have to transfer to a new plan to allow them to do this.
At the end of July 2015, we’re mailing you with details of the letters we’re sending to pension scheme members aged 54 or over.
This mailing is to make you aware of the changes we’re making to members’ pension plans, to cater for the Government’s new flexible retirement options.
Each customer letter will include a notice of the changes we’re making to the terms and conditions of their plan.
This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits.
Clients may be able to: