Page 28 - BoAML Plan Handbook 17 V2.0

Using your savings

Your Member Account is used to provide you with savings during your retirement. Guidance guarantee – Pension Wise Information from your employer
Choosing how to access your savings is an important decision and the right option Before you make any decisions about how you will access You receive annual online benefit statements from the Plan
for you will depend on your personal circumstances. your savings, it is important you take impartial professional Trustee. These set out the value of your Member Account
advice. As the Trustee, Plan Administrators, and your employer and the estimated value of your savings at your Target
cannot give you advice, we recommend that you speak to a Retirement Date.
1 2 3 professional advisor if you are not sure what is right for you.
See page 37 for details. You can also see the value of your Member Account online
Annuity Cash Income drawdown at any time on the Plan administration website.
The Government provides free and impartial guidance to
individuals in defined contribution (DC) plans on how they • If you are an employee member, use the links to SSO via
can access their savings from age 55 through its pension HR Connect or via HR Interchange if you are an MBNA
employee (see page 6 for details)
Option to access up to 25%* Option to access your savings in Option to access up to 25%* guidance service – Pension Wise. The guidance is provided
of your savings tax free one or multiple lump sums of which of your savings tax free, and over the phone by The Pensions Advisory Service and in • If you are signing in from outside your employer's network
25%* of each lump sum is tax free. person by the Citizens Advice Bureau. go to www.hartlinkonline.co.uk/boaml
You will receive more information as you approach retirement. If you are a member of the Plan with Final Salary benefits,
In the meantime, find out more on the Pension Wise website you will also receive these benefits when you retire.
at www.pensionwise.gov.uk. Unless your employer confirms otherwise, you must access
then buy an annuity The number of cash lump sums access your savings in a
(regular income in retirement) you can take from the Plan depends number of stages (income drawdown) your benefits from the Final Salary section and the defined
from the open market. on whether or not you are an employee over a longer-term period. You would When you can access your benefits contribution section at the same time. For more details,
member when you access your savings need to transfer your Member Account The earliest age at which you can access some or all of your please contact the Plan Administrators – see page 36
and/or the discretion of your employer out of the Plan to use this option. savings in retirement is currently from the age of 55. for contact details.
and the Trustee. From 2028, this is set to increase to age 57 and then always
be 10 years below the State Pension Age.
* The amount will depend upon your personal circumstances but will be at least 25%.
You may also be able to access part or all of your benefits while
you are still working for your employer. Please contact the Plan
You may be able to choose a combination of these options Administrators for more information – see page 36 for details.

Find out more about the different options available at www.pensionupdate-boaml.com/AccessYourSavings. There are factsheets
for each option including details of where you can find further information.
We encourage you to seek impartial professional advice before you decide what option is right for you (see page 37 for details).
You need to consider your choices carefully from around 13 years before your Target Retirement Date as you need to ensure that
you are invested in the right way to get the best value for money.

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