Introduction to the Scheme

The Lifestyle section lets you build up a retirement account, which makes it different to a traditional defined benefit Scheme. An amount based on a percentage of your pensionable pay is added to your account each year and the account increases each year. At retirement, you can use your retirement account in different ways such as taking a cash lump sum, buying a pension for life (an annuity), or transferring it to another pension arrangement for flexible access to your money (flexible income drawdown).