Check here if you have a question about your retirement options.
We have grouped questions and answers into categories. Simply click on the question to reveal the answer. If you can’t find the information you need, please contact the Pensions Team.
Your minimum retirement age is age 55. Earlier retirement is only possible in cases of serious ill health.
At the time we launched the new lines of support, certain administrative systems and processes prevented us from creating a personal statement for all members. This was due to the complex nature of some members’ Fund benefits.
Please be assured that you are still eligible for the new support and remember:
The Fund’s Normal Retirement Age varies depending on which section of the Fund you are in.
You can get confirmation of your Normal Retirement Age by requesting a retirement projection on the My AZ Pension website (see the More Online page).
Your annual retirement statement also shows your Normal Retirement Age.
Alternatively, contact the Pensions Team.
Yes, please contact the Pensions Team for details.
Yes, you can transfer out either your Investment Account or your Retirement Account, or both.
If you have more than one account in the Fund, you will receive separate letters and statements for each account.
This is a feature of ePensions. Go to More online to access this resource. Remember that the figures generated from ePensions are indicative only.
The figures quoted in your retirement pack will be guaranteed for three months from the date the calculations are done. We recommend you take advice as soon as possible after receiving your pack, having first explored your options on the modeller tool – so that you have enough time to take and consider the advice before making a final decision.
You are entitled to up to three guaranteed retirement and transfer value quotations in any 12-month period.
Your Fund pension may receive annual increases. The level of increase it receives will depend on when your pension was earned in the Fund, any increase the Fund has to give due to legislation, and any other increases determined by Fund Rules.
Your Fund pension will be reviewed each year on 1 November.
It will increase as set out in the Fund Rules. Typically your pension will receive annual increases in line with RPI inflation up to a certain cap and, in some circumstances, no annual increases.
If you want to understand the impact of this on your Fund pension, please speak to Wren Sterling or your own financial adviser.
Yes, you can take a tax-free lump sum that is broadly equivalent to 25% of your Fund benefits, or you can take less than this.
If you take less than the maximum, the reduction to your Retirement Account pension and/or Investment Account will be less.
If you take a pension from the Fund, it will be paid for the rest of your life. Payments will be made on the 25th day of the month unless this date coincides with a weekend or bank holiday (when it will be paid on the previous working day).
If you stop work at AstraZeneca towards the end of a month, your first pension payment will be on the 25th of the following month with arrears.
You can still take your pension from the Fund if you live overseas. Your pension will normally be paid by bank transfer and can be paid to a non-UK bank if you wish.
Your pension will be calculated in UK sterling, so if you wish your pension to be paid in local currency, there may be a cost to do this from the bank.
If you are resident for tax purposes in a country outside the UK, you will need to consider any local tax issues.
Ordinarily, UK tax will be charged on this pension at the time it is paid. However, you will still normally be entitled to a personal allowance to set against this or any other UK income.
The Company would endeavour to pay enough money into the Fund to enable it to buy all the benefits built up by members from an insurance company if the Fund was wound up.
If employers become insolvent, the Pension Protection Fund (PPF) would pay an alternative benefit, though there are limits on the amounts paid and this wouldn’t give exactly the same benefits as those provided by the Fund. More details can be found at www.ppf.co.uk.
Your transfer value guarantee has expired. If you have not made your decision on how to take your benefits, you can continue to explore your options using your illustrative transfer value on the My AZ Pension website or the Aon Retirement Options Modeller.
You will need to request a new transfer value from the Pensions Team for the transfer value to be guaranteed.
Your transfer value is calculated based on current financial conditions and changes over time.
If you are a deferred member, the figures in your personal statement are guaranteed for three months from the date of the calculation.
If you are an active member, the figures in your statement are illustrative only. You will need to request a formal retirement quotation from the Pensions Team to get guaranteed figures – which would then be guaranteed for three months from the date of the calculations.
In either case, your transfer value will be different from any guaranteed quotation you receive once the guarantee period expires.
You will need to request a formal retirement quotation from the Pensions Team to get updated figures.
You can also generate your own illustrative quotation at any time from ePensions (go to ‘More online’ for access).
If you have other sources of retirement income, taking your benefits as cash may enable you, for example, to pay off a debt.
However, you should be aware that taking your benefits in this way may push you into a higher tax bracket for that year.
If you die with unused benefits in drawdown, they will normally be paid to your spouse/civil partner or any other dependants.
If you die at or before age 75, the entire unused fund can normally be paid tax-free (be it paid as a lump sum or a pension).
If you die after age 75, the unused fund is subject to tax (at the recipient’s marginal rate of tax if paid as a pension, or at 45% if paid as a lump sum).
It enables you to take an income at a level and time which suits you, but you should be comfortable managing your finances.
It requires you to make investment decisions so there is a risk that you may suffer an investment loss, or you might benefit from investment growth.
Taking as much as you want whenever you want has its risks. For example, you could use up your drawdown account before you die.
You should be aware that some individuals are approached by ‘unregulated’ providers suggesting that they transfer their pension benefits in exchange for tempting investment opportunities and/or cash.
This type of offer could be a scam. You could lose most or all your pension savings in tax, scammers’ fees and losses on fake or unsuitable investments.
For more information, see the 'Don't let a scammer enjoy your retirement' leaflet on the Pension Regulator's website.
If you believe you have been approached with such an offer, contact Action Fraud on 0300 123 2040.
Wren Sterling, or your own financial adviser, can advise you on where to transfer to avoid ‘unregulated’ providers and scams.
If you want to understand more about how much income you might receive under the Flexible Income option, there are online Government-backed calculators available to help you model your flexible income, such as MoneyHelper’s 'flexible retirement income' tool. Please note that you should take care if trying to compare any figures provided in this tool with modelling provided from external sources. The numbers are unlikely to be directly comparable.
As a reminder, if you would like help with how to take your Fund pension benefits, you will have the option to receive impartial financial advice. This support is already available to members at retirement, subject to eligibility. The advice will be provided at no cost to you if you are approaching retirement and your transfer value is £30,000 or more. You will be under no obligation to follow the advice you receive.
Your retirement pack will include full details of this offer, including information on how to contact Wren Sterling.
The figures generated from the My AZ Pension website are indicative only. They are intended to be used as a guide to help you consider your options. The figures will reflect current financial conditions and will therefore change over time.
The retirement and transfer value figures shown in the modeller are guaranteed for a period of time if you are a deferred member. Your retirement statement includes details of any guarantees that apply to your figures.
If you are an active member, the figures in the modeller are not guaranteed as you are still building up benefits in the Fund.
The figures in the modeller will be updated annually and also updated when you request a quotation from the administrators.
The modeller goes further than the My AZ Pension website by providing education on the options available to you if you were to transfer out of the Plan and what these options may mean for your income in retirement. The modeller also allows you to explore in more detail the options available to you if you remain in the Plan.
Both the modeller and the My AZ Pension website are based on your own personal information. We encourage you to make the most of the modeller and the My AZ Pension website.
The modeller contains your data and is completely secure. It's also easy to use.
Go to retirementoptionsmodel.aon.com and enter your login details.
It’s then up to you how you explore. You can build up an understanding of all your options in steps or drill down into the detail of each option one by one.
Once you’ve fully explored your options, there is a quiz at the end to test your knowledge. The modeller will also explain next steps based on the decisions you make.
If you need help using the modeller, download the user guide, available from the Library.
The modeller was taken offline for a short period to ensure it reflects the latest pension industry standards.
The modeller contains your data and is completely secure. It's also easy to use.
Go to retirementoptionsmodel.aon.com and enter your login details.
It’s then up to you how you explore. You can build up an understanding of all your options in steps or drill down into the detail of each option one by one.
As you explore the modeller, there are stars to collect. These show how much of the modeller you have explored. Collect all the stars to fully explore the modeller. The dial at the top of the page will show your progress.
Once you’ve fully explored your options, there is a quiz at the end to test your knowledge. The modeller will also explain next steps based on the decisions you make.
If you need help using the modeller, download the user guide, available from the Library.
If you receive an annual retirement statement, it will include your login details. They will also be included in all retirement packs you receive.
If you need help logging in, please contact the Pensions Team.
The figures are based on the value of your Retirement Account at a point in time, and if you are a deferred member, the transfer value is guaranteed for three months from the date of calculation.
The modeller provides an illustration of what you could receive in the future, rather than guaranteed payments. In practice, if you choose to transfer out of the Fund, the amount you receive each year will depend on how your savings are invested and how these investments perform over time, or the annuity rates on offer at the time if you buy a pension in the future.
Your financial adviser can help you to choose the right option for you, and the modeller will help you decide whether to take financial advice at this time. The modeller is not a replacement for financial advice.
No, if you have savings in the AstraZeneca Pension Plan, these are not included in the modeller.
Be sure to factor in these pension savings when considering your options.
For details of these savings, contact Legal & General on 0345 026 3645 or goto www.legalandgeneral.com/azpensionplan.
No. You should factor in your State Pension entitlement when considering your retirement options.
You can get a State Pension forecast from the gov.uk website.
Details of your Fund benefits is sourced from the administrators and checked before being loaded onto the site.
Your benefit entitlement that the modeller displays is based on the section of the Fund you are in and the Fund’s overriding Rules.
Your data in the modeller will be refreshed if and when you request a transfer value or retirement quote, and also annually.
In the event of any inconsistency between the modeller and the Fund Rules, your benefits will be determined in line with the Fund Rules.
The information in the modeller is based on our understanding of tax and pensions law at July 2021. The laws may change and the benefits you receive from the Fund will be subject to the laws in force at that time.
If you need help using the modeller, a user guide is available from the Library. This takes you through using the tool step by step.
When you first access the modeller, you will need to set a new password. If you subsequently forget your password, you will need to contact the Pensions Team.
The figures and forecasts shown are illustrative only and do not constitute a right to a particular retirement benefit. The actual income you might receive under any option could be different from that shown.
If you would like more detail, we recommend you discuss with Wren Sterling or your own choice of financial adviser.
You can access My AZ Pension from the More Online page.
The My AZ Pension website contains all the data held for you under the AstraZeneca Pension Fund. As well as your personal details including the address held for you and your dates of joining and leaving the Fund, you can also see your deferred pension details.
You are able to change your address on the My AZ Pension website. For other changes, like a change of name, you will need to contact the Pensions Team as you will need to provide supporting documentation.
You can run both a transfer value quotation and a retirement quotation. All figures generated from the My AZ Pension website are illustrative.
Your benefits in the Fund may be one of your most significant financial assets. Taking your benefits from the Fund is a one-time only transaction – you can’t revisit the decision.
Yes, their advisers are qualified to the standard required by the Financial Conduct Authority to be able to advise on the full range of retirement options.
Wren Sterling is completely independent of the Company and the Fund.
No, Wren Sterling’s fees for providing advice are the same regardless of how and when you decide to take your benefits.
Your chosen adviser will need to provide us with the following evidence:
You should check they can provide you with these details before you appoint anyone.
The Financial Conduct Authority (FCA). The FCA is an independent body set up to regulate the financial services industry in the UK including financial advisers. You should only use a financial adviser who is authorised to provide financial advice by the FCA. You can find out more about the FCA at: www.fca.org.uk
If you normally reside in a country other than the UK (or are abroad at the time of contacting Wren Sterling), Wren Sterling will not be able to give you advice on your retirement decisions as they are not qualified to give advice on overseas tax and other financial consequences of your decisions.
If you live in another country and your Retirement Account transfer value is over £30,000, you must get advice using your own FCA-regulated adviser if you wish to transfer.
The Company will pay for you to receive up to two sessions of financial advice (provided your Retirement Account transfer value is over £30,000).
If you receive two separate sessions of advice, the Company will use its discretion to determine whether it will fund any further sessions of advice.
You can use a different financial adviser if you want to, provided they are authorised and regulated by the Financial Conduct Authority, but this would be at your own cost.
The Money Advice Service has an online directory of regulated financial advisers.
Yes, you can receive advice from Wren Sterling as an active member, but you should bear in mind that your transfer value is illustrative. This means that there is an extra step in the process if you decide to transfer out of the Fund. Wren Sterling will talk you through this as part of the advice process.
Your transfer value is illustrative because you are currently building up additional benefits linked to your service and pensionable salary.
As an active member, the transfer value is illustrative.
If Wren Sterling advise that you transfer out of the Fund (based on your illustrative transfer value) and you decide to proceed on that basis, you would need to leave active service and request a guaranteed transfer value from the Pensions Team.
You would then need to re-connect with Wren Sterling for them to assess whether any change to your transfer value changes their advice.
Wren Sterling will explain the process clearly at each stage, as necessary.
For your transfer value to be guaranteed, you would need to leave active service. A transfer value can then be produced based on your final service and salary information. The transfer value would be guaranteed for three months.
No. To provide advice, Wren Sterling must consider all your retirement options, including those in the Fund alongside those outside of the Fund. This requires Wren Sterling to hold a current transfer value.
From 6 April 1978 to 31 March 2016 the State Pension was made up of 2 parts:
Pension schemes that were contracted out of the State Second Pension, including the AstraZeneca Pension Fund (‘the Fund’), must ensure that the pension paid to a member is as much as they would have been paid under the State Second Pension. This is pension known as Guaranteed Minimum Pension (GMP). Some members of the Fund who have built up benefits prior to 5 April 1997 will have built up an entitlement to GMP.
GMP isn't a separate pension; it's simply the minimum amount your Fund pension must reach. Usually your Fund pension is more than your GMP.
The calculation of the amount of a member’s GMP is set out in legislation and comes into payment at age 60 for females and 65 for males. This is the GMP payment age.
GMPs typically receive different levels of increase to non-GMP pension built up during the same period of employment so when you reach your GMP payment age, the increases on this part of your pension will change.
60 for females and 65 for males.
Due to a High Court decision in 2018, which clarified the law, the Fund is required to ensure equality in the amount payable to male and female members in respect of the Guaranteed Minimum Pension (‘GMP’) they built up after 17 May 1990. This is known as ‘GMP equalisation’.
For some members, this means that they may be entitled to a small uplift to their benefits if they would have received a higher pension had they been of the opposite sex.
From April 2024, all figures provided in retirement packs take account of any required adjustment to benefits due to GMP equalisation.
Not all members are affected by GMP equalisation.
We communicated individually with all members whose pension may be affected by GMP equalisation and our dedicated website for supporting information and FAQs is still available if you would like more detail: go to www.myazpfpensionchanges.co.uk and enter the passcode provided in the printed materials you received.
If you are entitled to a GMP, your transfer value has been calculated taking into account any applicable GMP equalisation. Further, retirement figures now take into account any applicable GMP equalisation and our proposal to simplify Fund pensions.
If you have benefits in the AstraZeneca Pension Plan, please contact Legal & General on 0345 026 3645 or go to www.legalandgeneral.com/azgsipp.
No, your savings in the AstraZeneca Pension Plan are entirely separate from your Investment Account.
Be sure to factor in these pension savings when considering your retirement options.
For details of these savings, contact Legal & General on 0345 026 3645 or go to www.legalandgeneral.com/azgsipp.
Pensions are taxable in the same way as earnings. However, unlike earnings, you do not pay National Insurance contributions on your pension.
Please note that taking your pension while you are still working could potentially mean that you move up to a higher tax band.
If you are resident for tax purposes in a country outside the UK, local tax rules may apply.
The Lifetime Allowance was the total value of pension benefits you could build up during your lifetime without incurring additional tax, known as the Lifetime Allowance Charge. However, the Lifetime Allowance Charge was abolished from 6 April 2023 and the Lifetime Allowance itself abolished from 6 April 2024.
Note: a number of Lifetime Allowance protections have been made available in the past – while some remain available – and these remain relevant to the extent that they provide a protected right to a higher Lump Sum Allowance (LSA) and Lump Sum and Death Benefit Allowance (LSDBA).
This is the limit on the total amount of tax-free lump sums (or tax-free element of lump sums) that you can take from your pension arrangements. This applies to pension commencement lump sums or the 25% tax-free part of a lump sum from a defined contribution (DC) arrangement such as the AZ GSIPP.
The allowance is currently set at is £268,275. Your allowance may be higher if you have or apply for a Lifetime Allowance protection.
If you have a form of Lifetime Allowance protection against the (such as Individual, Fixed, Enhanced and Primary Protection), your LSA will be different and your protection could be lost by transferring your benefits to another pension arrangement. You should discuss this with Wren Sterling or your own financial adviser.
This is the limit on the total amount of tax-free lump sums (or tax-free element of lump sums) that you can take from your pension arrangements plus serious ill-health lump sums and lump sum death benefits.
The allowance is currently set at £1,073,100. Your allowance may be higher if you have or apply for a Lifetime Allowance protection.
If you have a form of Lifetime Allowance protection against the (such as Individual, Fixed, Enhanced and Primary Protection), your LSDBA will be different, and your protection could be lost by transferring your benefits to another pension arrangement. You should discuss this with Wren Sterling or your own financial adviser.
The Annual Allowance (AA) is the amount of pension savings you can build up or contribute during the tax year without having to pay tax. Increases in the value of your Retirement Account benefits are measured against the AA, as are any contributions you or the Company make to the AZ GSIPP (including Additional Voluntary Contributions) over the tax year. Any contribution to another pension or increases in any salary-linked pension also counts towards your AA.
If you decide to take a spouse’s pension of less than 50%, this would increase your pension savings in this tax year and you would have to pay a tax charge if your pension savings are over the AA. For more details, contact the Pensions Team (see the Help page).
If you have an Investment Account and you decide to take it as cash or transfer it to access your benefits flexibly, this will reduce the level of your AA for future pension savings significantly – from £60,000 to £10,000 a year.
For the 2024/25 tax year, if your annual taxable income is above £260,000, you may have a tapered AA. The AA reduces by £1 for each £2 of income over £260,000, tapering to a minimum AA of £10,000 for income above £360,000.
You can read more detail in the document 'Pension tax allowance from 6 April 2024' available from the Library.
The gov.uk also website provides information about the pension tax allowances.
If you are unsure whether you are affected, you should discuss this with a regulated financial adviser.
We hope the process of taking your Fund benefits runs smoothly for you. However, if you do have an issue or complaint, there is a formal process to follow – the Internal Dispute Resolution Procedure. This is available to download from the Library.
In addition to any benefits you have built up in the Fund, you will also receive the State Pension. You can find out more about the State Pension at www.gov.uk/check-state-pension.
State Pensions are paid from your State Pension Age. Your State Pension Age will depend on when you were born. To find out your State Pension Age, you can use the Government’s State Pension Age Calculator at www.gov.uk/calculate-state-pension.
It’s easy to lose touch with former pension schemes when you change jobs, or if former employers change names.
A tracing service, run by the Department for Work and Pensions, may be of help if you need to contact the trustees of a previous employer’s pension scheme and cannot trace them yourself.
To find out more, go to www.gov.uk/find-pension-contact-details.
If you can't find the information you're looking for, contact the Pensions Team . . .