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 Foster Denovo (formerly 80 Twenty)
If you work for Eaton, you can get guidance on your pension and the different ways you can take your benefits at retirement from Foster Denovo (a firm of financial planners).
Contact Foster Denovo on:
https://www.fosterdenovo.com/80twenty-is-now-foster-denovo/
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
Following a detailed review, the Trustees have decided to withdraw the Additional Voluntary Contributions (AVCs) facility, with effect from 30 September 2024.
We wrote to affected members about these changes, but if you need more information, please contact the HR department. Here is a summary of the changes.
Members paying, or wishing to pay, Additional contributions
If you wish to pay additional contributions, then there are two options open to you. The first is to pay contributions to the Eaton UK Retirement and Savings Plan (the defined contribution pension scheme managed by Aviva). In order to start paying additional contributions, you will need to contact the Payroll department.
Alternatively, you can choose your own external arrangement. If you want to consider this approach, then we recommend you take independent financial advice.
AVCs and Money Purchase Account funds that had already been paid into the Plan
AVCs that had already paid into the Plan to this date and any Money Purchase Account (MPA) funds remain in the Plan and continue to be governed by the Trustees.
Members’ AVC and MPA investments were transferred from the Standard Life fund range to Aegon’s fund range (with the exception of With Profits funds, which operate slightly differently, and accordingly have to remain with Standard Life).
More information
To find out more about any AVCs you may have previously paid into the Plan, please contact:
- Standard Life (for With Profits AVC investments only). Log into your Standard Life account at:
- Aegon, for any other AVC investments you may hold:
- 0345 601 7720
- My.pension@aegon.co.uk
- aegon.co.uk/targetplan
Both Standard Life and Aegon will be able to provide fund factsheets and performance information for these funds.
This Investment Guide tells you more about the Aegon range of investments.
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.