Your retirement timeline
Planning early means fewer surprises later. Here’s a guide on what to do and when:
10 years before retirement
Top up your pension
Find any lost pensions
- If you’ve worked for several employers since you first started your working life, it’s likely that you’ll have multiple pension pots. It’s easy to lose track of these. At this stage it’s a good idea to track down all the pension pots you might have.
- You can use the government’s free Pension Tracing Service to get in touch with the pension providers. Find lost pensions.
- Are you a former Wincanton employee trying to track down your Wincanton pension? Contact Capita using the phone number on the Contact us page, or by sending a message using the secure online portal and they should be able to trace this using your name, date of birth and National Insurance number.
Start thinking about your retirement options
- As a member of the Wincanton Pension Scheme there are a few options available to you when it comes to taking your pension. Whether that’s talking a full cash lump sum; taking the maximum tax-free cash lump sum along with a reduced pension each month; or transferring your pension elsewhere after having taken independent financial advice to do so.
- You can find out more about the ways to receive your pension on the MoneyHelper website.
5 years before retirement
Decide when to retire
- Think about when you want to stop working. Your decision might depend on your finances, your health, or other personal reasons.
Check pension pot and State Pension entitlement
- Review the savings you have.
- Review your pension statements to understand the size of your pension pot from different employments.
- Check your State Pension entitlement with the government.
Budget planning
- Start thinking about how much you will need at retirement. You can use our useful budget planner to get an idea for how much your lifestyle might cost.
If you’re interested in taking your pension and you’d like more details about how much you might get at your chosen retirement date, you’ll need to contact Capita to request a retirement quote using the details on the Contact us page.
Please note that we can only provide estimated retirement quotes up to five years before your chosen retirement date. You can also only request two retirement estimates a year from Capita.
It’s also worth thinking now about whether you would like any financial advice to help you plan.
6 months before retirement
You'll be contacted by Capita to see if you still intend to retire on your chosen retirement date. If you decide you want to retire later, Capita will wait to hear from you before sending you a retirement pack.
If you want to proceed with your planned retirement, Capita will send you a pack with details of your retirement options through the post. This pack can be requested but is sent automatically as you approach Normal Retirement Age (NRA).
- If you’re a DC member, your NRA is 65.
- If you’re a DB member your NRA depends on when you joined the Scheme and can be as early as 62.
You can choose to override the NRA by nominating a Target Retirement Date (TRD) of your own. Please be aware that if your funds are invested in a Lifestyle Strategy, nominating a TRD will affect these investments.
On the forms provided, you should select the retirement option that best suits you and send your completed forms back to Capita with any other documentation they request in your retirement pack.
- If you’re a DB member, a retirement pack will be issued 6 months before your chosen retirement date.
- If you’re a DC member, you’ll receive a wake-up pack 6 months before retirement, followed by your full retirement pack around 1 month before your retirement date.
If you are at all unsure of what options you should take regarding your retirement, we recommend you take professional financial advice. You can find an Independent Financial Adviser (IFA) here.
At retirement
Capita will send you a pack in the post with details of your retirement options (either at your request or automatically as you approach the Scheme’s Normal Retirement Age). You should select the retirement option that best suits you and send your completed forms back to Capita with any other documentation they request in your retirement pack.
Once everything is processed, you’ll get a Retirement Letter confirming your benefits.
If you’re a member of the DB Scheme, you’ll be able to log in to your secure online portal account to view your payslips and P60s. Please note, this is for pension payments made by Capita, not your salary paid by Wincanton.
Retirement can feel like a big step, and it’s normal not to know where to begin. We’re here to make it easier. There are lots of things you can do to prepare yourself for retirement, such as working out what you currently have, working out what you need and what you want your retirement to look like.
Working out what you’ve got
Whether you’ve got savings through an employer’s pension or a personal one, the first step is to work out what you’ve got and where.
Start by reviewing the amount you have in your Wincanton pension. You can log in to your secure online portal account to view your current total pension pot. This will give you a good starting point for how much you currently have saved.
Review your pension pot
Check how much you have saved in your State Pension. You’ll get a regular amount of State Pension each week and this generally increases every year in line with inflation due to the Triple Lock. This will form part of your regular retirement income so it’s good to know how much you can expect to receive.
Check your State Pension forecast
Find out about any other pensions that you might have with previous or current employers. If you know of other pensions you’ve paid into in the past, make sure you locate these and factor any extra pension savings you have into your retirement planning.
Find other workplace pensions
Include any other savings or income you may have. When calculating how much you will have at retirement you should include any money you have in personal savings accounts or any income you still expect to be receiving once you have retired. This could include rental income, or any part time work you might continue or take up.
Working out what you’ll need
Once you’ve figured out how much you’ve already got saved up, you need to work out if that will be enough to support the retirement that you want to have. It’s a good idea to ask yourself some questions about the life you’ll be living once you finish working.
Questions to ask yourself:
- What will you no longer need to pay for?
- What will you have to pay for that you don’t spend money on now?
- Are there any things you would like to do you once you’re retired?
- Will my outgoings be the same throughout my retirement, or might these reduce as I get older?
To get an even better idea of how much you’ll need, it’s useful to use a pension calculator. This will also show you if you have any gaps in your savings and how you can plan to boost these.
Are you a DC Scheme member? Why not use the free Wincanton retirement calculator to work out what your pension could be.
Calculate your pension
Other things to think about
Now you have an idea of what you have and what you think you’ll need, its good idea to make a plan for the retirement you would like to have.
Here are three things you'll need to think about:
- When would you like to retire? This may depend on individual circumstances, financial considerations, and health.
- What kind of lifestyle will you want to live? For example, are there any big trips you would like to go on or any big purchases you're planning to make?
- Will you have any debts that you won’t have paid off when you retire? It’s important to try and start your retirement with as little debt as possible. As your income is likely to go down when you retire, any extra fixed payments you’ll need to make is something you should consider.
Ill health/Early/Late retirement
Ill health can significantly impact your retirement plans, and the Scheme offers provisions for individuals facing qualifying health challenges. If you experience ill health, you may be eligible for early access to your pension. The specific criteria for ill health retirement may vary between different pension schemes you are a member of, but generally it involves demonstrating that you are unable to work due to your health condition.
Opting for early retirement allows you to access your pension sooner but may result in lower pension payments. On the other hand, delaying your retirement could lead to an increased pension pot. It’s essential that you carefully evaluate your financial situation, health and lifestyle to make an informed decision aligned with your retirement goals.
The minimum age at which you can access your pension is 55. This is known as early retirement. Be aware your pension may be subject to early retirement reduction if you retire at this age. Please note that this minimum age may be increasing to 57 in 2028 and thereafter it will be 10 years before the State Pension age.
For the DC section of the Scheme, the Normal Retirement Age is age 65. However, members can choose to override this by selecting a Target Retirement Date (TRD) of their own. If you’re invested in one of the lifestyle strategies, choosing a TRD will affect how your funds are invested as you approach retirement.
For the DB section, the Normal Retirement Age depends on when you joined the Scheme, but typically is age 62 or 65.
If you’re approaching age 55 or over, you can contact Capita using the contact details on our Contact Us page, or via the Online Portal for an estimate of your pension options.
Budget planner guidance
Budget planning is incredibly valuable when it comes to effective retirement planning. Assessing your current financial situation will allow you to identify areas for potential savings, and help you set realistic retirement goals. You should think about the type of lifestyle you want to have when you retire.
Consider the following questions:
What do you want your
retirement look like?
How much will this
cost you?
How long will your money
have to last?
Remember, your full retirement pot could consist of income from multiple pension schemes, savings accounts, investments and the State Pension. Don’t forget to make a plan to manage any debt you might have including bank loans, student loans and mortgages.
To understand how much money you need to achieve the retirement lifestyle you want; you can check whether your current pensions savings, and any other sources of income you’ll have at retirement. Taking a proactive approach early will enable you to make informed decisions about your contributions into pension and how you choose to invest them. It will also help you understand if you need to make any lifestyle adjustments to support your move towards a more secure financial future.
If you would like to view a forecast of the likely pension income you might get when you come to retire or see how your retirement age may affect your income, you can use the retirement calculator.
Retirement calculator
To understand how much you might receive from the Scheme, you should familiarise yourself with the Member Booklet. Understanding the Member Booklet is important when making informed choices about your retirement income. You may wish to consult with an Independent Financial Adviser to support you with this.
There are different options to consider when taking your pension benefits including tax free lump sums, income, and annuity purchases.
Choices at retirement will have material tax consequences. You may wish to seek financial advice to support the decisions you will need to make. We’ll go into more detail about your options below.
There are different options to consider when taking your pension benefits including tax free lump sums, income, and annuity purchases.
Choices at retirement will have material tax consequences. You may wish to seek financial advice to support the decisions you will need to make. We’ll go into more detail about your options below:
You may decide to delay taking your pension while you decide on the best course of action. If you want to retire after the Normal Retirement Age (NRA), just let Capita know when you’re ready to start taking your benefits.
You can use some or all of your pension savings to buy an annuity, which provides a guaranteed income for life. You can choose to take a tax-free lump sum (Pension Commencement Lump Sum or PCLS) before purchasing the annuity. The amount of income you receive will depend on factors such as your age, health, and the options you select, like whether the income increases over time or continues for a partner after your death. Annuity income is taxable.
You can choose to take up to five Uncrystallised Funds Pension Lump Sums (UFPLS) from your pension pot. Each UFPLS payment allows you to take 25% tax-free, with the remaining 75% taxed as income. This option offers flexibility while keeping the rest of your pension savings invested.
You may be able to transfer your pension to another provider. This could give you access to different retirement options or investment choices. It is recommended you take appropriate independent financial advice before transferring. To explore this option, complete a Transfer Request Form to receive a quote and more information. It’s important to ensure that any benefits you expect to receive remain protected if you choose to transfer.
You may decide to delay taking your pension while you decide on the best course of action. If you want to retire after the Normal Retirement Age (NRA), just let Capita know when you’re ready to start taking your benefits.
You may choose to take all your benefits as a regular, monthly pension, which will be paid for the rest of your life. These payments are increased each year and there may be certain death benefits payable upon your death.
You are eligible to take some of your pension savings as a tax-free lump sum. Your remaining pension benefits will then be used to pay you a regular monthly pension going forward. The monthly payments will be lower than if no tax-free lump sum was taken. This lower regular pension will still be paid monthly, increased each year and again, there may be certain death benefits payable upon your death.
If the total value of your pension savings from all sources is less than £30,000, you may have the option to take your benefits as a small, one-off lump sum payment. This is known as a ‘Trivial Commutation Lump Sum’. In this option, you receive a one-off payment from the scheme and no further pension or death benefits are payable. Please note, this payment can only be made providing you meet the conditions detailed on the Trivial Commutation Lump Sum form.
You may be able to transfer your current pension to another provider. This depends on the Scheme rules relating to your section and you’ll have to take independent financial advice. To explore this option, you will need to complete a Transfer Request Form for a quote and more information. It’s important to make sure the benefits you expect to receive remain protected if you choose to transfer your benefits to another provider.
Getting quotes
When Capita receives notification of your retirement from Wincanton, or you’ve confirmed the date you wish to take payment of your deferred benefits, Capita will send you an estimate of your benefits and retirement application paperwork by post.
Your estimate will include details of the pension you’ll receive and the options available to you if you wish to convert some pension into a tax-free lump sum. You’ll then need to make decisions on the amount of pension you wish to convert to a cash lump sum.
Once you know when you want to retire, you should ensure your application is completed and returned no sooner than six months before your proposed retirement date.
It’s important that you fully complete all the forms that are sent to you, as any omission could result in a delay in the payment of your benefits. When Capita receives all relevant documentation from you and your pensionable pay figures from Wincanton, your pension benefits will be calculated. Confirmation of the actual amount payable will be sent to you.
Once all paperwork has been processed and your benefits have been calculated, your pension will be paid directly into your bank account on the last working day of each month for the rest of your life. These forms are not available online as they are produced when Capita calculates your retirement figures. Once produced, they will be available by logging into the Online Portal or sent by post.
You can view the pension payroll schedule here for exact payment dates.
You can request a quote to confirm your current pension benefits on the secure online portal
Login to secure online portal
Alternatively, you can contact Capita for a quote by writing to the team using the details on the Contact us page.
In addition to your Wincanton pension, you can also receive the State Pension. This is a regular payment from the government and most people can claim this when they reach the State Pension age. Your State Pension age depends on when you were born, but for most people is now age 66.
However, it is gradually rising to age 67 for anyone born after 6 April 1960 and to age 68 if you were born after 6 April 1977. If you were born before 6 October 1954, your State Pension age is between 60 and 66 depending on when you were born and whether you are a man or woman.
The amount of State Pension you’ll get depends on how many ‘qualifying’ years of National Insurance payments you have. This includes National Insurance contributions that you pay when you are working and contributions that are credited to you when you are unable to work. The most you can get from the basic State Pension can be viewed on the Government website
Check your State Pension forecast
More info about the State Pension
Pensions can be a complex subject and it's important that you have all the information you need when it comes to taking your pension so you can make informed decisions on what's best for you.
Getting guidance
There are lots of resources to help you at whatever stage you are with your retirement planning. Below are two platforms that provide useful information to help whatever stage you're at.
MoneyHelper brings together several helpful services, including Pensions Wise, which can provide guidance around your pension savings, but also wider financial issues like debt and savings.
Pension Wise is a government service that offers free, impartial pensions guidance about your defined contribution pension options. An appointment will help you understand what your overall financial situation will be when you retire. It will focus on your options to help you make the right decision for you, and also allow you to find out about the other factors you need to consider when deciding on your options before retirement. During a Pension Wise appointment, an independent pension specialist will:
- explain your pension options
- explain how each option is taxed
- tell you what your next steps are
If you are not taking regulated financial advice, we strongly recommend that you book an appointment with Pension Wise to discuss the options available to you. The appointment will take between 45-60 minutes and can be over the telephone or somewhere local to you.
These appointments can be booked online directly with Pension Wise, or you can call them on 0800 138 3944 to book an appointment. Book your Pension Wise appointment online.
Getting advice
If you think you’d like to receive personalised financial advice, you will need to get in touch with an Independent Financial Adviser (IFA).
The Trustee, Wincanton and Capita, the Scheme's Administrator, cannot provide you with any financial advice when it comes to your benefits within the Scheme.
An IFA can look at all your financial arrangements and provide you with personalised advice to help you make an informed decision about your retirement.
You should bear in mind that an adviser will charge for their services, but that expense might be worth it to ensure you’re making the best decisions for your future.
Find an Independent Financial Adviser
All financial advisers are regulated by the Financial Conduct Authority (FCA), so they must follow strict rules when they give you advice. Make sure you check that they’re registered before you start planning.
Check if an adviser is registered
What you can do to increase what you have
You’ve already made valuable contributions for your future by paying into your Wincanton pension, but you might find that on top of your Wincanton pension savings and your State Pension you would still like to save more to have enough for the retirement you want.
You’re able to check the amount of State Pension you are set to receive on the government’s website. By reviewing your expected State Pension amount you might find that there are gaps in your National Insurance record and may be able to pay in Voluntary National Insurance Contributions to increase your State Pension amount.
Check your State Pension forecast.
It might be that if you’ve changed jobs several times over the years, there could be old pensions that you’ve lost track of. If you’re looking for a lost workplace pension and know the name of the employer or Scheme you can use the Pension Tracing Service via the government website. If not, they also offer a service to find the pension contact details you might need.
Find pension contact details or contact the Pensions Tracing Service.
If you would like to know more about what to do with the money you have saved, you can speak to a regulated adviser. You will be charged for this service, but advisers must go through their fees and charges with you before you commit.
Find a retirement adviser.