Retirement options

You have a choice as to how and when you take your pension benefits. You can:

• Take your benefits any time from Minimum Pension Age, which is currently age 55, increasing to age 57 on 6 April 2028. (Some, but not all, members of the Plan have a Protected Pension Age of 50, which means they can start drawing their pensions from age 50. However, if you have a Protected Pension Age and you choose to take your pension before Minimum Pension Age, you must leave the employment of GE HealthCare).

• Choose to take your pension income from the Plan, deciding whether to swap some of this guaranteed pension income for a tax-free cash sum (a reduction will usually be applied if you take your benefits before your Normal Retirement Date, to allow for the fact that your pension is expected to be in payment for longer); or

• Choose to give up your benefits in the Plan in exchange for a cash sum transfer to an registered pension provider that offers a range of different options for you to choose from. For example, perhaps you’d benefit from a different sort of pension that reflects your health or personal circumstances, or maybe you’d prefer to draw money from your pension as and when you need it instead of receiving a regular income.

Watch a short video from Origen Financial Services explaining more about your retirement options.

Financial advice paid for by the Trustee

Decisions around your pension can be complex and financial advice from an expert can help.

• If you're eligible to start drawing your pension, or will be within the next 12 months, are a UK resident, and have a transfer value in excess of £10,000, the Trustee will pay for you to receive one round of financial advice from Origen Financial Services. While Origen has been appointed by the Trustee, they will provide you with impartial advice based on your personal circumstances.

• If you are considering transferring out of the Plan to take advantage of some of the alternative pension options, if your transfer value is more than £30,000, you are required by law to take advice before your transfer can be processed.

• You may choose to use your own Financial Adviser. However, you will need to pay for their advice yourself. You should also ensure that your adviser is registered with the Financial Conduct Authority (FCA) to give advice on retirement options.