My choices at retirement
You can normally choose to exchange some of your pension for a single lump sum payment. This lump sum is normally tax-free and current legislation allows you to exchange a maximum of about 25% of your pension for a lump sum.
Current legislation allows members in defined contribution arrangements more options at retirement. To take advantage of these additional options your benefits would need to be transferred-out of the Nationwide Pension Fund. Please see the Transferring out page for more information.
Receiving a pension before age 55 due to ill Health
Even if you have not yet reached age 55 you may still be able to start receiving a pension from the Fund. However, this option will only be available if the Trustee is satisfied that your incapacity is likely to be permanent and will stop you doing your normal job.