Deciding how to take your benefits
If you are ready to retire, there are various options available to you for taking your benefits from the Electricity North West Group of the ESPS (the Scheme).
These options will be explained, in detail, in the retirement pack sent to you by the Scheme administrator, Railpen, when you ask to start the retirement process.
It’s important you take the time to understand all of the options available to you, and to consider your personal circumstances and retirement goals.
You may also wish to take financial advice to help you decide how you take your benefits and to make sure the option you select is right for you.
If you are considering transferring out of the Scheme, and the transfer value of your benefits is £30,000 or more, then you will need to have taken advice from a Financial Conduct Authority (FCA) registered financial adviser before you’ll be allowed to transfer.
Getting financial advice from Origen
The Trustee have selected Origen Financial Services (Origen) to provide you with advice on your retirement options at preferential rates.
Origen are authorised and regulated by the Financial Conduct Authority (FCA) and have an in-depth knowledge of the Scheme. They can help you to understand the options available to you for taking your benefits and provide you with a recommendation based on your personal circumstances to help you make your decision.
You can find further information about how to take advice from Origen, including the associated costs, by reading the Origen Advice Guide in your retirement pack.
Getting financial advice from another provider
You don’t have to use Origen and can use your own financial adviser if you prefer, however if you choose to do so you will not benefit from the preferential rates negotiated with Origen by the Trustees.
If you don't already have an appointed financial adviser, MoneyHelper, has an online directory of regulated advisers - moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser
You can also find an adviser in your area at unbiased.co.uk
Protect your pension
Don't be caught out by a pension scam! Make sure you know the warning signs before agreeing to any transfers.
