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 lots of choice 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, you will have different options.

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

A mix to suit your needs

A mix to suit your needs

If you want to have the security of an income, but the flexibility of taking lump sums when you need them, you can take a mixture of options when you retire.

For example, you could use some of your Pension Pot as a cash lump sum, take some to buy an annuity that will provide a secure income for life, and use the rest of your Pension Pot to transfer to another pension provider to provide drawdown lump sums as and when you need them.

Any questions?

Check out our Frequently Asked Questions for more information.

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