When you retire

The normal retirement age for the RSP is 65, although you may retire at any time after the minimum retirement age (set by the Government, currently 55).

When you reach retirement, you will have a number of options available to you when deciding how to take your RSP account, including:

Flexible access to your pension via the IMI Drawdown;

The ability to secure an annuity appropriate to your specific requirements, at a competitive open market rate

The option to take all your benefits as a one-off cash sum or as a cash sum split over two tax years (UFPLS).

Depending on your circumstances there are alternatives you may wish to consider. For more information on the options available click here.

A member with an account value of £152,000 can take a tax-free cash lump sum of up to £38,000 and use the remainder of their account to provide themselves and their dependants with a pension.