For most people, the Normal Retirement Age under the Citigroup Global Markets Ltd Pension & Life Assurance Scheme is 60 (you might find it's 65 for you - check on MyCitiPension if you're not sure).

It's always nice to have options, and with your Citi Pension you've got plenty of them.

Your Normal Retirement Age under the CGML Scheme is 60, but you don't need to wait until then to take your money, it can be at any time from age 55.

Once you reach age 55, you have two options from within the CGML Scheme:

  1. You can take your entire pension savings as a single cash sum. 25% of this amount is tax-free, and the remainder will be taxed at your normal income tax rate.
  2. You could also take a tax-free cash sum of up to 25% of your pension account and then use the balance to buy an annuity to provide an income for life. Again, the income is taxed at your normal income tax rate

You also have the option to transfer the value of your pension account to an external provider. This can give you greater flexibility and will enable you to:.

  1. Take a tax-free cash sum of up to 25% and invest the rest in a “flexi-access” drawdown arrangement. This means that you can make later future withdrawals when you wish. These will be taxed at your normal income tax rate. If you wish, you can also use some of this money to buy an annuity (income for life), either immediately or at a later date.
  2. Leave your account invested and take money out as one or more lump sums, where 25% of each lump sum will be tax free and the rest taxed at your marginal income tax rate. This is the option that is often described as treating your pension fund like a bank account. The technical name for this, which you may see used, is an Uncrystallised Funds Pension Lump Sum (UFPLS).

Remember:

  • You can apply to retire earlier than you Normal Retirement Date. This will change how much pension you receive from the Scheme

  • You may be able to take a tax-free cash sum of up to 25% of the value of your pension when you retire. This may reduce your annual income.

  • You may choose a dependant's pension (or a higher dependant's pension) in exchange for a lower pension yourself, to be paid to a dependant when you die.

How much will be enough?

How will you be spending your money in retirement? Think about how your expenses might change, and what you'll still need to cover.

 Find out more

What about tax?

There are tax limits to what you can build up and what you can take from the CGML Scheme when you retire. Make sure you know whether they apply to you.

 Find out more

Avoiding Scams

Do you know what to look out for when it comes to pension scams? Know what you're up against.

 Find out more

Looking after your loved ones

Make sure your loved ones are covered if anything happens to you.

 Find out more