I want to retire

I want to retire

The Plan's normal retirement age is 65 (63 if you are a member of the William Hill Retirement Plan), but it may be possible to take early retirement from age 55.

If you're coming up to your normal retirement age, we will contact you to let you know what your options are at retirement.

If you want to retire earlier than your normal retirement date you will need to contact the William Hill Group Pensions Department to discuss what options are available. You can get in touch by clicking the ‘Get in Touch’ tab to your right.

What are my options?

If you're in either the Employee Pension Plan (EPP) or the Pension Savings Plan (PSP) sections, you'll have options on what you can do with your Pension Pot. Some of the options are listed below, but you might have other choices when you come to retire.

If you are a member of the William Hill Retirement Plan, this will be different. Click to find out more.

You should consider speaking to an independent financial advisor (IFA) or Pension Wise before you decide which option is right for you.

Check out our Frequently Asked Questions for more information.

Drawdown

This is where you keep your money invested and take lump sums or a regular income from it as required. If you do this, you need to monitor your investments, and decide how you are going to make your money last for the whole of your retirement. You can still take up to 25% of the value of your Pension Pot, tax-free with this option. Any other money you take will be taxed as income.

The Plan doesn’t offer drawdown, so if you want to take this option, you would need to make arrangements to transfer the value of your Pension Pot to another provider.

An annuity

What is an annuity?

This is where you use the money in your Pension Pot to buy an income payable for life with an insurance provider.

You can use your entire Pension Pot to buy an annuity, or take up to 25% as a tax-free lump sum and use the rest to buy an annuity.

You’ll have lots of choices when it comes to buying an annuity, such as:

  • Which insurance provider you choose;
  • Whether you want to leave your dependents a pension if you die before them;
  • Whether you want a flat rate income or whether you want it to increase every year;
  • Do you have a medical condition that could entitle you to an enhanced annuity.

There are many other factors to consider, and they will all affect how much you will get when you retire, so it’s important that you think carefully about what you need. We would also recommend that you speak to an independent financial advisor before you make any decisions; you can locate a financial advisor local to you through www.unbiased.co.uk

Taking your pension as a cash lump sum

This is where you use the money in your Pension Pot to provide you with a cash lump sum. 25% will be paid tax-free and the rest will be taxed at your normal tax rate.

You’ll need to consider whether taking all your cash in one go is the best choice for you, as you will not get any more money from your Pension Pot if you do.

We would recommend that you speak to an independent financial advisor before you make any decisions; you can find one in your area at www.unbiased.co.uk

Any questions?

Check out our Frequently Asked Questions for more information. 

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