Current or past employees

Non-Core Funds will provide you benefits on a Defined Contribution basis when you stop working.

Members with Non-Core Funds have the following options at retirement:

• ask the Trustee to secure an annuity via Hub Financial Solutions; or
• select an open market annuity (which members can arrange themselves or use an IFA); or
• transfer Non-Core Funds to an alternative pension arrangement just before retirement.

The Plan doesn’t offer a drawdown facility.

Non-Core Funds can be paid as a one-off lump sum, known as an Uncrystallised Funds Pension Lump Sum (UFPLS), but only if payment extinguishes all benefits under the Plan.