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Planning for retirement

Getting ready to retire is an exciting time, but there’s also lots to think about and plan for. When you retire, you have some choices about the way you take your benefits from the DB Section. 

Get a pension quote

You should begin by finding out how much your Scheme pension will be. You can request a pension quote from Trafalgar House, by logging into your personal account via My Work Pension. They’ll send you a retirement pack which includes a personalised statement of your retirement benefits, together with your options.

Consider your options

If you wish to, you can take up to 25% of the total value of your pension benefits as a tax-free cash lump sum (based on current tax rules). You can then use the remainder to provide a taxable income for your retirement. The options available to you when you retire are:

Advice and guidance

Your benefits in the DB Section provide valuable security for your future, and it’s a good idea to take financial advice when thinking about your retirement options.

You can speak to an NFU Mutual Staff Financial Adviser or an independent financial adviser (IFA) to help you decide what’s best for your circumstances.

You can also find more information about pensions and retirement from the Money and Pensions Service, which is the government’s free financial guidance service.

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