Managing your pension

Retirement planning

When do you plan to retire?

The earliest you can usually take your pension is age 55. From 2028 it’ll be 57.

This Road Map will help you think about the run up to retirement.

Will you have enough pension?

Check your benefit statement for your pension forecast amount. Remember to take any Additional Voluntary Contributions (AVCs) or Money Purchase Accounts and pension savings elsewhere into account.

Explore your options

Your Plan pension must normally be used to provide a pension for you and your surviving spouse, though you can exchange up to 25% of the value of your Plan benefits as a tax-free cash sum at retirement. However, you are able to transfer this in full to another suitable pension arrangement which may offer greater flexibility (in some cases the consent of the Trustees and the Company will be required).

You have more flexibility in how you use any Money Purchase savings (such as AVCs). The Plan Booklet will tell you more.

You should consider taking financial advice when thinking about your options. To find an impartial financial advisor authorised and regulated by the Financial Conduct Authority please visit www.moneyhelper.org.uk/en/getting-help-and-advice/financial-advisers

When will your State Pension start?

Find out the age your State Pension will start to be paid at:
www.gov.uk/state-pension-age

Find out more about the retirement process

We have some pre-retirement FAQs that tells you more about the details of the retirement process.

Pensioners

How your pension is paid

Your Plan pension is paid monthly into your bank or building society in advance, starting from your 65th birthday and continuing for the rest of your life.

Depending on your circumstances at retirement there may be a delay in setting up your pension. If this is the case, you will receive back payments once your pension has been set up.

Does my pension increase?

Once it starts to be paid, your pension will increase each year in line with the Plan rules and legislation. The increase you get depends on when you earned the pension.

The Trustee and the Company review each year whether to provide an increase to pensions in payment by more than is required by legislation.

Pensions and Tax

Pensions are paid subject to PAYE tax in the same way as earned income. You do not pay National Insurance on your pension.

Your State Pension

Find out more about your State Pension benefits at www.gov.uk/state-pension-age and www.gov.uk/statepension

Change of bank or address details

If your address or bank details change then please let us know by telephone or email or letter.

01707 607603

eatonpensions@wtwco.com

Eaton UK Pension Plan
WTW
PO Box 545
Redhill
RH1 1YX

Left Eaton?

If you leave Eaton or opt out of the Plan, your pension benefits are preserved in the Plan and you become a deferred member.

See the Plan Booklet for more about your options and how your Plan benefits work on leaving or opting out.

Keeping in touch
It is important that you keep in touch with the Plan and let the Plan’s administrators know if you move so that when your pension becomes payable, they can contact you promptly.