Deferred member benefits
If you’ve left Lilly, or leave in the future before taking your pension, you’ll have what is known as a ‘deferred pension’. You can usually take your deferred benefits from the Plan any time after age 55, rising to 57 in 2028. For more information about how your deferred pension will be calculated, please read the member booklet.
If you do nothing we will be in touch with you six months before your 65th birthday to bring your pension into payment. If you wish to delay drawing your pension until after age 65 let us know as Trustee consent will be required.
Remember, you can generate your own retirement quote by visiting the Pension Portal. You can find out how to generate a retirement quote by watching our ‘How to’ video.
You have the option of transferring your pension to another pension provider – this may potentially provide you with greater flexibility with how you take your benefits. In order to do this, you’ll need to request a ‘cash equivalent transfer value’ from Gallagher, the Plan Administrators.
Before selecting this option, you need to be absolutely sure that it’s the correct decision for you. You are legally required to take Independent Financial Advice if your transfer value is over £30,000 and we have to check you have taken this. Even if your transfer is less than £30,000 we would recommend you take advice.
If you decide to transfer to another arrangement, you’ll also need to be aware of the risk of scams. Be wary of anyone contacting you out of the blue, promising high or guaranteed returns, offering a free pension review or access to you pension before 55.
To help spot the sign of scams, please visit the Financial Conduct Authority (FCA) website
For more information about transferring your deferred benefits, please read the member booklet