Before you start to receive your pension, you may be able to exchange some of your annual pension for a cash lump sum. This is known as “commutation”. The value of each pound of pension you exchange will depend on your age and which section of the Scheme you are in. You cannot exchange pension for a lump sum once your pension has been put into payment.
Commutation rates are subject to periodic review. At the latest review, the Trustee and the 成人快手 has agreed that the value of each pound of annual pension that a member may choose to exchange for a cash lump sum will increase for pensions that start on or after 1 January 2025. This means that if your pension is due to start to be paid to you on or after 1 January 2025, you may be able to choose a higher maximum lump sum, or the same lump sum but with a higher reduced pension.
For more details go to the members section and click on the relevant section.
Members expecting to start receiving their pension before 1 January 2025 and who have the option to defer its starting date will be contacted directly.
If you are aged 54 or over, you can run pension calculations yourself via our online service to see an estimate of the maximum cash lump sum you may be able to choose when your pension starts.
If you have any questions, you can call the pension service line on 0303 081 2848 or email us myPension@bbc.co.uk. Please quote your National Insurance number and date of birth in your email. The pension service line cannot give you any financial advice. You should consider taking independent financial advice before making any decision about your options and when to take your benefits. For those aged 55 or over, the 成人快手 has made available independent funded advice via WPS Advisory Limited (), who are regulated by the Financial Conduct Authority, to support members considering their options. Find out more here.