Your Future

Your options

You have choices to make, either now or when you choose to retire.

The option you choose will affect the income you receive in your retirement and how you receive it.

  • You can change your retirement age and apply to retire earlier or later than your Normal Retirement Date in the Scheme, which is your 65th birthday. This will change how much pension you receive from the Scheme.

Taking early retirement

Delaying retirement

  • 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 then reduces your annual income from the Scheme.
  • 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 of your choice when you die.
  • You may also have other options, which are specific to members of your section of the Scheme, that you can read about in the Scheme handbook.
  • You can transfer the value of your pension benefits out of the Scheme and into a different pension arrangement. As a deferred member, you can do this at any time before you start taking your pension. If you’re thinking of transferring out of the Scheme, and your transfer value is more than £30,000, you are legally required to take financial advice. Raytheon is providing members who are over 55 with the opportunity to take financial advice that’s paid for by Raytheon once a year until retirement.

How to get financial advice

Taking a transfer value