You can update your details by logging into the Member Portal or you can contact Gallagher, the Plan Administrators.

The earliest you can take your pension is from the age of 55 (this will be 57 from April 2028), known as the Normal Minimum Pension Age.

If you need to retire earlier than your Normal Retirement Pension Age, due to ill-health, you may be able to start receiving your benefits.

If this applies to you, you’ll need to contact Gallagher for an early retirement quote and to explore your options.

It is your responsibility to ensure you monitor and understand how your pension savings may be affected by the allowances imposed by HMRC.

Annual Allowance (AA) - the AA is the amount of pension benefits you can build up in a single tax year without a tax charge applying. The standard AA is £60,000 per year. This is based on the capital value of the increase in your pension benefits over the tax year. It’s possible to save more than the standard £60,000 by carrying forward an AA from previous years.

Lifetime Allowance (LTA) - The LTA is the limit on how much you can build up in pension benefits over your lifetime while still enjoying the full tax benefits. The LTA is currently £1,073,100 and had been expected to stay at this level until April 2026. However, this is set to be abolished from 6 April 2024. In advance of this, the lifetime allowance tax charge was removed on 6 April 2023.

You can find out more about the LTA and what it potentially means for you on the MoneyHelper website: https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/lifetime-allowance-for-pension-savings

You have the option to transfer your benefits to another registered pension scheme. Whilst transferring your benefits will potentially provide you with more flexibility, you really need to consider this option carefully and decide whether this is right for you.

If the cash equivalent value of your pension is £30,000 or over, there’s a legal requirement for you to obtain appropriate independent financial advice. If your benefits are less than £30,000, it’s strongly advised that you seek financial advice before transferring.

You can generate an indicative transfer quotation using the Member Portal.

You’ll then need to contact Gallagher to request a formal transfer value quotation. You can receive one transfer value quotation free of charge in any 12-month rolling period. Any further requests within 12 months, from the date of the first quote, will be subject to an administration charge.

Included with your quotation will be all the forms, that you will need to complete before the transfer can proceed.

Option 1: Receiving an annual pension from the Plan - This option may appeal to you if you prefer a regular expected payment, much like a salary. The pension you receive will increase each year in line with the Plan rules. The amount your pension will increase will depend on what section you’re in.

Option 2: Receiving a tax-free cash lump sum and an annual pension from the Plan - At the point you retire you will have the option of taking a tax-free cash lump sum from the Plan, which will mean reducing the amount of regular pension you receive (unless you have paid Additional Voluntary Contributions (AVCs) and use these to pay your lump sum). You can take up to a maximum of 25% of your total benefits tax-free as a cash lump sum.

A lump sum could be used to handle unexpected expenditure such as, medical expenses or home improvements and can be passed on to your beneficiaries in the event of an early death.

Option 3: Transfer your pension benefits to another arrangement - You have the option to transfer your benefits to another registered pension Plan. Whilst transferring your benefits will potentially provide you with more flexibility, you really need to consider this option carefully and decide whether this is right for you.

If the cash equivalent value of your pension is £30,000 or over, there’s a legal requirement for you to obtain appropriate independent financial advice. If your benefits are less than £30,000, it’s strongly advised that you seek financial advice before transferring.

When you’re ready to retire, it is recommended that you seek independent financial advice, to help make your decision on how you take your benefits.

To make this process easier and more affordable to members, the Trustee has negotiated a competitive price with Origen Financial Services (Origen) to act as a financial adviser. Origen can provide advice to members of the Plan looking for help with deciding how to provide a retirement income from the Plan, which may include transferring their benefits.

Origen are authorised and regulated by the Financial Conduct Authority (FCA) and are leading retirement-advice specialists. You can view a guide in the library section of this website which provides further information on Origen and the service they provide.

Please note that members are not obligated to use Origen. You can use your own financial adviser, but Origen are available should you wish to speak to them.

Contact details are as follows: Economist@Origenfs.co.uk or 0800 912 9991. Calls are charged at your phone company’s basic rate. Office hours are 8.30am to 5.30pm

You can also source a financial adviser by visiting the MoneyHelper website.

Receiving a pension from the Plan will mean that you qualify for other benefits provided within the arrangement. These include benefits payable in the event of your death. It is important you have updated your Expression of Wish, informing the Trustees who you would like to receive your benefits in the event of your death. You can update your Expression of Wish through the Member Portal

If you hold AVCs, they may play an important role in your retirement planning, so it is worth checking on them regularly. You should also ensure that the details linked to your AVC account are accurate and up to date in order to prevent any delays when receiving your benefits. Contact Gallagher, the Administrator, to find out more information.

The Economist Pension Trustee Limited (the Trustee) is responsible for running the Plan and, amongst other things, ensuring there are enough assets to pay members’ future benefits. The Trustee is made up of the following company- and member-nominated Trustee Directors: