Benefits in retirement

Dependants benefits

If you die after you retire and have started drawing your pension, dependants’ benefits may be payable to:

  • Your spouse, partner, civil partner or dependant
  • Your child/children

For more detailed information about your benefits in retirement, please read the member booklet

Pension increases

Some of your pension with Lilly will increase every year. How much your pension will increase by will depend on whether your State Pension Age is before, on or after 6th April 2016 and when your pension was earned.

For a full breakdown of how your pension increases are calculated, please read the member booklet

Other useful information

If you take a pension from the Plan, this will be paid to you on the 1st of every month, will be subject to tax and will be paid into your chosen bank account.

Your monthly payslips will show you the amount of pension you have been paid and how much tax has been deducted.

You can view your payslips on the Pension Portal

Your P60 shows the tax you have paid on your pension in the tax year (6th of April to the 5th April).

To view your payslips on the Pension Portal

Useful links

When you retire, not only is it important to ensure your finances are in order, but you should take care to look after your physical and mental wellbeing. Following are some useful non-pension related websites for you:

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