Retirement support
Advice and guidance about your retirement options
Choosing how to take your pension benefits is a big, once-only decision which depends on your circumstances. You need to make sure that you make the right choices for you. It’s important to have all the information you need to ensure the options you choose align with your situation and plans for life after work.
To support you, the Trustee has appointed ilumiti, a firm of financial advisers regulated by the Financial Conduct Authority (FCA), who can help you understand your retirement options and decide which are right for you.
Paid-for financial advice from ilumiti for eligible members
ilumiti are able to give you personalised financial advice on your retirement options. The Plan will pay for you to have one round of financial advice from ilumiti if you’re over age 54 and a half (or younger and retiring on the grounds of ill-health) and live in the UK.
You’ll receive a specific recommendation on the most suitable option for you, based on your own personal circumstances and financial situation. Find out more here
To arrange your appointment with ilumiti, contact them on:
www.ilumiti-hub.co.uk/eaton
Guidance from 80Twenty
If you work for Eaton, you can get guidance on your pension and the different ways you can take your benefits at retirement from 80Twenty (a firm of financial planners).
Contact 80Twenty on:
www.80twentygroup.co.uk
If you need more in-depth personal advice, then you should talk to an FCA-registered Independent Financial Adviser (such as ilumiti). Remember that if you wish to explore transferring your benefits out of the Plan then only an Independent Financial Adviser can help you.
Saving for retirement
Additional Voluntary Contributions (AVCs) are a tax-efficient way to save more in the Plan.
Anyone contributing to the Plan can start paying AVCs at any time.
You can choose how much you pay in and when. AVCs are not matched by the Company.
Our AVCs are with Standard Life. To find out more read the AVC section of the Plan Booklet.
Find the investment options available at www.standardlifepensions.com/eaton
Want to start paying? Fill in the Additional Voluntary Contribution form and returned to the HR Department.
AVC Fund performance figures
To find the performance of the AVC fund range, go to https://www.standardlifepensions.com/eaton/your-investment-choices/your-investment-options
The fund range you can choose to invest in is shown in the Non-lifestyle options tab.
Against each fund you will find a fund factsheet showing the latest fund performance.
Note that the Lifestyle option is an automated approach using three of the funds you can choose for yourself.
Financial advice
If you need advice about choosing investment funds we recommend you consult an Independent Financial Adviser, authorised and regulated by the FCA.
Find contact details for an old pension
Keeping track of old employers can be difficult especially if they get taken over or change their names. Track down any previous pensions via www.gov.uk/find-pension-contact-details.
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. ilumiti are able to provide this advice because they are an FCA-registered Independent Financial Adviser. You can also 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.
MoneyHelper
MoneyHelper is a free service that brings together the support and services of the Money Advice Service, the Pensions Advisory Service and Pension Wise into one place.
MoneyHelper offers free guidance and support, online or over the phone about all aspects of managing money, including pensions and retirement savings.
Visit https://www.moneyhelper.org.uk/en to find out more.