A tax free lump sum benefit on retirement, if you decide to exchange part of that pension. Pensions for dependants when you die before or after retirement. A preserved pension or transfer of benefits or, in certain circumstances, reinstatement in the State Scheme if you leave the Scheme before retirement.
Members can receive a tax-free lump sum on retirement.
Lump sum death benefits paid to dependants are normally tax-free. The Scheme is run under a trust law arrangement. Money for the Scheme is paid into a central Fund by both you and your employer. The Fund is kept entirely separate from the employer's assets. The Fund is invested so that it grows in value over the years to provide benefits for members of the Scheme, as outlined in this booklet.