Flexible retirement gives you more freedom to draw your pension in the way that suits you. You may wish to consider:
1. Taking your pension whilst continuing to work
Subject to being at least age 55, you may put your Defined Contribution (DC) pension benefits into payment without leaving Telefónica. Depending on how you take your benefits your annual allowance may reduce, please see the tax allowances page for more information. Your death benefits will also change, please click here to find out more.
You should consider the tax implications of taking your pension benefits. If you take your pension whilst continuing to work you're likely to pay tax a higher rate of tax. Please note, you cannot transfer out your Pension savings at the same time as being an active member (still making contributions into the Plan).
2. Postponing your benefits
You have a choice of when you may wish to take your pension - you will not be forced to take your pension when you reach the age of 60 or when you leave Telefónica. See late retirement for more details.
3. Partially transferring your benefits
If you're an active member of the Plan (still making contributions) you're not allowed to make any partial transfer out of the Plan. If you're a deferred member of the Plan you may be able to make a partial transfer. Please contact the Plan Administrator for further details or click here.