Retirement Options tool
The Retirement Options tool is designed for you if you are ready to retire now. It will help you explore some of your retirement options based on your retirement savings.
To use the tool, you’ll need to input the figures which you’ll find in your retirement pack, or you can input the transfer value shown the Online Portal. You can request a retirement pack by using the details on our Contact us page.
Try the Retirement Options Tool
Please note that:
- The tool is for information purposes only – it provides an overview of your retirement options based on the information you input. You should not take action on the basis of the information provided from this tool alone.
- The tool is not financial advice – for analysis of your personal circumstances, advice on the options available, the risks associated with these options and a recommendation of how to proceed, you can book an appointment with the WPS Advisory, the IFA appointed by the Trustee. The Trustee will pay for one advice session only.
- The annuity income shown in the tool is based on rates of a healthy individual retiring immediately, the actual income you receive could be different if you are in ill-health or retire at a later date.
- The annuity and drawdown options in the tool do not take into account the impact of any tax, in particular, income tax.
- The drawdown option assumes you withdraw a fixed amount each year until the age shown.
This tool is provided by the Diageo Pension Scheme and is the property of WTW – who can change or stop it at any time with no liability to you. For your security, once you close the tool, the information you provide will not be stored. The tool uses annuity rates provided by HUB Financial Solutions.
Is my data secure?
We appreciate members’ concerns around providing detailed personal data. The information you provide is not stored anywhere on our systems once you close the Retirement Options tool. We ask you to input the information in the Retirement Options tool and we only request relevant information. For more information please see the Data and Privacy Policy.
Are the figures in the tool guaranteed?
No. The tool provides an illustration of what you could receive in the future, rather than guaranteed payments. In practice, the income you receive depends on how you choose to take your benefits. A financial adviser can help to choose the right option for you.
I have technical problems using the tool – where do I get help?
Please contact the Capita from the Contact us page.
What assumptions are used in the tool?
The tool can only give you an indication of your options so you shouldn’t rely on it alone to make any decision. It is based on the information that you input and the following assumptions:
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The tool assumes you’re ready to retire now.
- The tool assumes you’re in good health.
- The tool does not take into account the impact of any tax, in particular, income tax.
- The tool does not take into account the impact of increases in the cost of living (inflation).
The tool is not financial advice. If you want to take financial advice, please book an appointment here.
How up to date are the figures?
Please see your retirement pack or Online Portal for details of your Retirement Account. For the illustration of the “pension for life” option, an assumption has been made regarding the annuity rates available to purchase in the open market. The rate used is updated monthly and is based upon annuity rates as provided by HUB Financial Solutions. For the illustration of the flexible income drawdown option, assumptions have been made about future investment returns, these assumptions are provided in the ‘print comparison’ report.