Options | AstraZeneca

Your options

You have choices for how you access your benefits.

You can take your Retirement Account benefits from the Fund or transfer them out to access greater flexibility.

In summary

We outline your options below – simply click on each header. Then use the menu bar on the right for more detail.

From the Fund

Standard pension only

You can take all your Retirement Account as a standard pension only. This would be paid to you each month for the rest of your life.

Tax-free lump sum and a reduced pension

You can take a tax-free cash sum (broadly equivalent to 25% of your Retirement Account) and the remainder as a pension.

If you have an Investment Account, you can use some or all of it to fund part or all of any tax-free lump sum you decide to take (see below).

Dependant’s pension

You can also choose the level of pension your spouse or other dependant would receive if they survive you.

New Flexible Pension Option coming soon

We are planning to make a new Flexible Pension Option (FPO) available later in 2025.

If you are considering retiring before reaching State Pension age, the new FPO will allow you to receive a higher initial pension from the Fund up until your current State Pension age.

After reaching that age, your Fund pension will then step down (as you’ll have received more of your Fund pension upfront).

The FPO is being introduced to offer members greater flexibility in how they can take their Fund benefits at retirement and an opportunity to smooth out total income from the Fund and the State in retirement.

Find out more on My AZ Pension.

If you transfer out

Income drawdown

You can take an income of your choice as and when you like while continuing to invest the rest.

You would still be able to take up to 25% of the amount transferred as a tax-free lump sum.

Buy a different type of pension

You can buy a different type of pension (an annuity) from an insurance company, which might be better suited to your circumstances.

You would still be able to take up to 25% of the amount transferred as a tax-free lump sum.

Take all your benefits as cash

You can take all your benefits as cash. The first 25% of the amount transferred would be tax-free.

Take a combined approach

You can combine any or all the above three options.

If you have an Investment Account

Tax-free cash sum

You can use some or all your Investment Account to fund part or all of any tax-free lump sum you decide to take.

Taking a tax-free cash sum from your Investment Account would leave more of your Retirement Account to provide you with a higher pension if you choose to take your benefits from the Fund.

All as cash

You can take your entire Investment Account as cash over one or two years. This is known as an Uncrystallised Funds Pension Lump Sum, or UFPLS. Spreading your cash benefit in this way may enable you to manage your tax bill.

Understanding the process

It’s important to know what information you will receive and when, and the steps you will need to take.

Have a look at the Retirement process page for details.

Your retirement pack

Take a look at the Your retirement pack page for details of what to expect in your pack.

Important!

If you are interested in transferring out your Retirement Account and its value £30,000 or more, you must take independent financial advice before any transfer can go ahead.

The Company will pay for you to receive up to two sessions of paid-for financial advice from Wren Sterling. See the Financial advice page for more details.

Explore and model your options

You can explore your options using the Aon Retirement Options Modeller.

The tool explains your benefit options and is loaded with your data, enabling you to explore the potential income each option could provide you with.

It's easy to use and a great way to help you consider your choices.

Access is from the More online page.

In more detail

For a closer look at your options, take a look at From the Fund and If you transfer out.

AstraZeneca | Pension Fund