When you retire, your Plan 18 account will be used to provide you with a pension.

The Normal Pension Age for men and women is 65.

If the Company agrees, and provided sufficient money is built up in your account, you can retire and draw an immediate pension anytime after you reach age 55.

The exact amount of your pension depends on a number of factors:

  • the amount of money contributed by you and the Company;
  • how successfully it is invested over the years;
  • how much pension can be bought with the money when you retire;
  • the type of benefits you want to provide.

Tax-free lump sum

Under current HMRC rules, when you retire you may be allowed to take part of the money in your Plan 18 account in the form of a tax-free cash sum.

© Clarks Pensions 2014