On retirement from the KPS-FS you may have the following options:
- KPS-FS Pension with attaching spouse’s pension payable in the event of your death;
- up to 25% of your KPS-FS benefits as a tax-free cash lump sum & reduced KPS-FS Pension with attaching spouse’s pension payable in the event of your death; or
- if your total pension savings value is below £30,000, then you may be able to take a one-off taxable cash sum.
If you have KPS-FS AVCs or linked KPS-MP benefits, these will be used to provide the tax-free cash lump sum to enable you to take your full KPS-FS pension.
If you do not wish to take a tax-free cash sum or if there is any excess AVC fund over the maximum tax-free cash lump sum amount, you may purchase an annuity (retirement income) on the open market. To find out more about the open market option please click here. Alternatively you can find it under the ‘I am a member’ section of the website. Or why not watch our Annuities Explained module.