You will be able to exchange part of your retirement benefits for a tax free cash sum on retirement.

Your tax free cash sum will be provided from your Retirement Account first, with any remainder provided by converting your Core Pension. The balance in your Retirement Account and the amount of your Core Pension, will be reduced accordingly.

The amount of Core Pension that you will need to give up for cash depends on your age at retirement. The rates used to convert your Retirement Account into pension and Core Pension into tax free cash are determined by the Trustees on advice from the Scheme’s Actuary and may change from time to time.