Your flexible options for retirement
Giving you greater choice and flexibility for your pension in retirement
For members of the IMI 2014 Deferred Fund
If you are an eligible member of the IMI 2014 Deferred Fund, you will have received some information about access to flexible retirement options designed to give you more flexibility in how you use your pension savings.
This page provides you with information to help you make an informed decision.
These flexible retirement options let you decide how you want to take your pension from the Fund.
The deadline to register your interest for impartial financial advice, and complete the information for HUB Pension Consulting, is 14 February 2021. To register, email imi@hubpc.co.uk or call 0800 995 6013.
Your choice is to keep the benefits you have already in the IMI 2014 Deferred Fund or to transfer them out to be able to reshape them to suit your circumstances. You should have received your personal illustration in the post and this gives you the numbers behind your flexible retirement options, which are:
We have arranged for specialist advisers, HUB Pension Consulting, to help you make an informed decision on whether to accept one of the flexible retirement options or not, at no cost to you. Any information you share with HUB Pension Consulting is confidential and will not be passed on to IMI, the Trustee of the Fund, or any other organisation.
You can use your own independent financial adviser if you prefer, but IMI will not cover the cost for doing so.
You must take financial advice to accept options 2 or 3. However, we strongly recommend that you take financial advice to discuss all of the options available to you.
To register, email imi@hubpc.co.uk or call 0800 995 6013 by end of the day on 14 December 2020.
| Take a flexible retirement option or draw pension from the Fund immediately | Leave pension in the Fund | |
|---|---|---|
| Income needed | Prefer more income now | Prefer income later |
| Health | Worse health | Better health |
| Financial dependant’s pension* | Prefer to have a choice about how much spouse’s pension is paid when you die | Prefer a pension to be paid automatically when you die |
| Inflation* | Expect inflation to be lower | Expect inflation to be higher |
| Council tax/housing benefit | Currently not receiving | Currently receiving |
| Tax | Receiving more pension now does not result in your total income reaching the next tax band | Receiving the pension in the future reduces the overall amount of tax you pay |
| Financial commitments | Prefer a larger lump sum now | No need for lump sum now |
| Inheritance planning* | Prefer to have pension in your estate to pass on to your family | Happy that pension paid to your spouse is a proportion of your own pension (see your personal illustration for details) |
If you do wish to transfer your benefits out of the Fund, whether now or in the future, you should be aware of the risk of being affected by pension scams.
The Pensions Regulator has lots of detailed information on their website about how to protect yourself from pension scams including this useful booklet which outlines what scams look like, how you can protect yourself, and what to do if you think you might be being scammed.
This guide provides you with further information about your options, as well as questions and answers and key contact details.
IMI is paying for impartial financial advice to help you consider these options. Register your interest and complete the information for HUB Pension Consulting before the end of 14 December 2020:
If you prefer, you can also discuss this with your own independent financial adviser.
If you have any questions about the benefits you could receive from the Fund, please contact Willis Towers Watson: