The Metal Box Pension Scheme

Alternative options

Since April 2015 you have greater choice and flexibility in how you access your pension savings at retirement.

As an alternative to taking your pension and cash lump sum directly from the DB Section you can choose from a range of new options, if you transfer out your benefits to one or more alternative providers.

With the transferred-out benefit, you can choose to:

  • Provide a flexible retirement income ('flexi-access drawdown')
  • Take your pension as cash in stages
  • Take your whole pot as cash in one go
  • Buy a guaranteed income for life (annuity)
  • Any combination of the options

Different providers offer different options, which have different features, rates of payment, charges and tax implications.

For more information on these options you should read the My pension – My choices. Please also read the section below about getting advice.

Transferring my benefits