DC Deferred members
Your pension benefits are payable from your selected retirement age. If you have not selected a retirement age then your pension benefits will ordinarily fall due for payment from the Fund’s default retirement age of 65. You can check your retirement age by accessing your L&G Retirement Account online.
Under current legislation you can draw your pension benefits early from age 55 onwards (age 57 from April 2028).
You should liaise directly with L&G once you leave Imperial’s employment so be sure to keep L&G informed of any changes to your contact details.
L&G will send regular communications to you during the 15 year period leading up to your retirement to help you start thinking about planning for your retirement. You will receive an annual statement of your Retirement Account from L&G showing the value of your Account and the prospective pension it could purchase (known as a Statutory Money Purchase Illustration). L&G will also send you a pension options illustration at least 6 months before your selected retirement age.
If you wish to draw your pension benefits before your selected retirement age you should contact L&G.
This will depend on the performance of the investment funds your Retirement Account is invested in. The value of your Retirement Account may fall or rise over time.
You will receive an annual statement of your Retirement Account from L&G showing the value of your Account and the prospective pension it could purchase (known as a Statutory Money Purchase Illustration).
As you get closer to your selected retirement age or if you are considering early retirement you can request a pension options illustration from L&G.
You can check the value of your Retirement Account on a daily basis by registering for online access to your L&G retirement account.
If you wish to change your investment choice or your selected retirement age you can do this online by accessing your L&G Retirement Account.
You can use L&G's retirement planner tool to help plan for your retirement and gain an estimate of the amount of benefits that could be paid on your retirement.
Keep L&G informed of any changes to your personal circumstances such as a change of address or other contact details, a change in your name etc.
A lump sum equal to the closing value of your Retirement Account would be paid by the Trustee to your beneficiaries / dependants.
The lump sum is paid by the Trustee under the discretionary trust of the Pension Fund and the payment would not normally be liable to inheritance tax provided it is not paid to your estate.
