Frequently Asked Questions
for deferred members
(DC Section only)
Your pension benefits are payable from your selected retirement age. If you have not selected a retirement age then your pension benefits will ordinarily fall due for payment from the Fund’s default retirement age of 65. You can check your retirement age by accessing your L&G retirement account online.
Under current legislation the earliest age you can draw pension benefits is age 55 (although this is increasing to age 57 from 2028). If you are interested in drawing benefits before your selected retirement age please contact L&G quoting your Retirement Account number to request details of your pension options.
If you do not draw your benefits early L&G will contact you ahead of your selected retirement age with details of your pension options. It is therefore important that you keep L&G informed of any changes to your address.
This will depend on the performance of the investment funds your Retirement Account is invested in. The value of your Retirement Account may fall or rise over time. You cannot pay any further contributions into your Retirement Account once you have left Imperial's employment (or you are no longer on a UK employment contract with Imperial).
Please contact L&G to inform them of:
Changes to your name (whether by marriage, divorce or Deed Poll)
Changes to your address
Changes to your email address or contact number
Visit the L&G Fund microsite using the link below and follow the instructions on the page.
You can also download L&G's App to access your Retirement Account through your smartphone.
Unless you choose otherwise your contributions will be invested in the default investment strategy selected by the Trustee - L&G Target Date Fund.
Alternatively, you could opt for the Self Select strategy and choose to invest in one or more of the investment funds available with L&G.
You can find out more about the different strategies and funds available by clicking the link below.
You can make changes to your investment choices online through your L&G retirement account.
If you wish to transfer the value of your Retirement Account to another pension scheme you should contact L&G who will provide you with your current transfer value and the relevant documentation to effect a transfer.
You have the following options:
1) Transfer the value of your Retirement Account to an income drawdown policy.
2) Use the value of your Retirement Account to purchase an annuity.
3) Take the value of your Retirement Account as a cash lump sum (25% would be paid tax-free whilst the remaining 75% would be subject to income tax).
Under current legislation, under all three options above, you can take up to 25% of the value of your Retirement Account as a tax-free cash lump sum on retirement.
A lump sum equal to the closing value of your Retirement Account would be paid by the Trustee to your beneficiaries / dependants.
Please complete an Expression of Wish form and send it to L&G or alternatively update your beneficiary nomination online in your L&G account.
Get in contact with L&G in the first instance but the Pension Fund Office is also happy to assist.
