If the total amount of tax-free sums, that you receive during your lifetime across all of your pension savings, is above the lump sum allowance, any excess is subject to income tax based on your personal circumstances.

If you die before age 75, and the the total amount of tax-free payments across all of your pension savings is above the lump sum and death benefit allowance, any excess is subject to income tax, at the rate applicable to the circumstances of the recipient(s) of the payment from your account.

If your Smart Retire account started on or after 6 April 2024 the amount of lump sum allowance used by your account will be expressed as a monetary amount. It is shown in your account details. The same amount of your lump sum and death benefit has been used by your account.

If you are taking benefits from other pension schemes you might be required to notify the administrator of the total amount of the lump sum allowance and/or lump sum and death benefit allowance you have used in this and other pension schemes.

These new allowances have been introduced from 6 April 2024 to limit the total amount of tax-free sums that members can receive from their pension savings.

Lump sum allowance – this is £268,275 and it covers the pension commencement lump sum, and the tax-free portion of uncrystallised funds pension lump sum.

Lump sum and death benefit allowance – this is £1,073,100 and covers all the lump sums under the lump sum allowance and certain death benefits and other lump sums that are payable tax-free (such as serious ill-health lump sums).

You can transfer benefits in another pension scheme into Smart Pension before you join Smart Retire. The option to transfer into Smart Pension and top up an active Smart Retire account may be available in the future.

If you continue working, you may be eligible to continue contributing to your Smart Pension account, or restart contributing at a later date.

Your current employer might also be required to continue paying into your existing Smart Pension account or re-enrol you in the future.

The amount you can contribute may be restricted if you have taken any withdrawals from Smart Retire other than the tax free lump sum.

It is not currently possible to add to your Smart Retire account after it has started, but that option may be available in the future.

If you become ill, there will be no automatic change to your account but you may want to rethink the way you have your pots arranged. Depending on the circumstances, you may need to seek guidance to help you decide what if any, actions you should take. If you have concerns about what will happen if your decision making ability becomes impaired as a result of illness, you may want to think about what options are available for you to make someone else responsible for your finances.

The trustees will take your wishes into account when deciding who receives your savings when you die, however it is at their discretion who receives the money. You should let the trustees know your wishes by completing an expression of wish form and keeping it up to date if your circumstances change. We'll ask you to complete an expression of wish when you join Smart Retire, and you can update it at any time in your account.

For more information on what happens to your pension when you die and the tax implications for beneficiaries, take a look at our Tax in retirement FAQS or www.pensionwise.gov.uk/en/when-you-die.

If there is money remaining in any of your pots when you die, all scheduled payments will be cancelled and the money will be retained in the existing pots and associated investment funds. No further instruction will be accepted from any party to make withdrawal or switch money between pots.

The balance of all money in your account will be paid to your beneficiaries at the trustees' discretion.

If you start taking flexible benefits from a pension scheme the amount you can continue to contribute to a pension scheme and receive tax relief is reduced to £10,000 a year. This is known as the Money Purchase Annual Allowance (MPAA).

If you exceed this allowance, you will be required to pay a charge to reverse the tax relief you received when paying the contribution. Unused allowance from previous year cannot be used to increase the money purchase annual allowance.

Claiming your benefits through Smart Retire means the money purchase annual allowance applies.

Find out more about the MPAA.

If your contributions exceed the annual allowance you will be required to pay a charge to reverse the tax relief you received when paying the contribution.

Find out more about the annual allowance.

The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. It's based on your earnings for the year and is capped at £60,000.

There are some schemes in place to protect people who exceeded, or were expected to exceed, the lifetime allowance before it was introduced or before it was reduced. Individuals with lifetime allowance protection usually retain their right to a higher level of tax-free lump sum, and to higher tax-free parts of other lump sums and lump sum death benefits. You should seek independent financial advice if you think this applies to you. Find out more about the lifetime allowance.

If your Smart Retire account started before 6 April 2024 the amount of lifetime allowance used by your account will be expressed as a percentage of the standard lifetime allowance. It is shown in your account details.

If you are taking benefits from other pension schemes you might be required to notify the administrator of the total percentages of standard lifetime you have used in this and other pension schemes.

The lifetime allowance was abolished from 6 April 2024. It was the limit on the amount of your pension savings you could take – whether as lump sums or retirement income – without triggering an extra tax charge.

The proceeds of your account will not normally be subject to inheritance tax. This is because Smart Retire is written under a pension trust and the money in your account does not form part of your estate. Find out more about inheritance tax.

If you die before your 75th birthday, any payments from your account to your beneficiaries are normally paid free of income tax, up to a limit of £1.073,100 across all of your pension savings. This limit is called the lump sum and death benefit allowance.

If you die on or after your 75th birthday the recipient(s) of payment from your account will be charged income tax at the rate applicable to their level of earnings. Find out more about tax on pension death benefits.

We will arrange for you to receive a payslip with each payment we make (but not the tax free lump sum). It will show the amount of gross payment taken from your account and the tax deducted.

We will send you a P60 form shortly after the end of the tax year and we will send you a P45 form if you close your account.

We may sometimes be required to deduct more tax than due. This could happen when we make the first payment of regular income or if we pay you a taxable lump sum. If you are receiving a regular income you should see the overpayment reversed with your next payment. If this does not happen you can contact HMRC for a refund. Find out more about tax overpayment on your pension.

Income tax is calculated through the Pay As You Earn (PAYE) system. HMRC will notify us of your tax code which allows us to work out your personal tax allowance. We apply the tax rate applicable to your income and personal allowance. Find out more about income tax.

You can buy an annuity with the value of your Smart Retire account at any time. You should shop around to find the company that offers the biggest income, and give careful consideration to the type of annuity that suits your needs. We recommend you speak to an independent financial advisor when deciding what to do with your pension savings. If you need financial advice, you can find independent financial advisers at https://directory.moneyadviceservice.org.uk/en

An annuity is a policy issued by a life assurance company where the company guarantees to pay an income in return for receiving your pension pot. In effect, if you live a long time you could receive more back than your pot was worth but your dependants could receive back less than your pot if you die early.

We recommend you exercise extreme caution if you are asked to transfer your pension savings.

Watch out for text messages, letters, emails or phone calls offering to help you with your pension savings. You might be put under pressure to make a quick decision or to take a cash inducement. If you do transfer to a fraudulent account, you could lose all your pension savings.

For more information about spotting scams visit www.thepensionsregulator.gov.uk/pension-scams.

If you suspect a scam, report it to the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or Action Fraud on 0300 123 2040.

You can also contact The Pensions Advisory Service, who will be able to provide guidance, on 0800 011 3797 or at www.pensionsadvisoryservice.org.uk.

Once you have selected a scheme to receive your transfer you should apply for membership of that scheme. The new scheme administrators will contact Smart Retire to obtain payment.

You can transfer to another pension scheme registered in the UK that has personal pensions and pension drawdown plans. Check with your provider to see if they will accept crystallised funds. If they do, you may have to transfer it to a new account rather than an existing account.

You may be able to transfer to a qualifying recognised overseas pension scheme (QROPS) but this is subject to conditions. Further information can be found at https://www.gov.uk/guidance/overseas-pensions-pension-transfers

The transfer value will be the combined value of all your pots at the time it is paid. There is no penalty or charge for transferring out.

If you request a tax-free lump sum when joining Smart Retire, there will be no tax deduction from this payment.
For further lump sum withdrawals, income tax is calculated through Pay As You Earn. 

You can reclaim any overpaid tax by contacting HMRC.

You should also be aware that claiming a lump sum could result in your earnings for the current tax year putting you into a higher rate tax band. You might want to consider spreading your withdrawals over different tax years.

Payment will be made into your nominated bank account after tax has been deducted (when applicable). This could take up to eight working days.

If you request a tax-free lump sum when joining Smart Retire, we will pay this to your nominated bank account before opening your account.

For other lump sum withdrawals, sign in to your account and select your rainy day pot. Click on make payment and select the amount you want to claim.

Remember, after you've taken your tax-free lump sum any further withdrawals will be taxed at your marginal rate. If required, you can take some money from another pot and top up your rainy day pot but that will reduce the value of the other pot.

To start or restart income payment, sign in to your account and select your flexible income pot. Click on change income, select the monthly amount you require, and we will start making regular payments. We will show you how long we expect the selected income to last.

To stop receiving an income, log on to your account and select your flexible income pot. Click on change income and select £0.00.

We'll stop your regular income payments. We will show you how much we think might be in this pot at your later life age if you don’t take any more payments.

1. Sign in to your account.  

2. Select Flexible income pot.

3. Select Change income.

4. Choose how much monthly income you want.

5. Check how long we estimate the income will last.

To change in time for your next payment day, you need to update your account at least 14 working days before.

Payment day is usually the 25th of the month. If the 25th is a weekend or holiday, you get paid on the working day before.

Any money you put in this pot will be invested in the Smart Growth - Moderate Risk fund.

Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Stable Growth Fund.

Download the fund fact sheet (PDF)

‍

If you want to set some money aside to leave as an inheritance you can save it in this pot. We’ll try to grow your money for you so you can leave a lump sum behind for your loved ones.

Don’t worry if you change your mind later - you can always move money out of this pot if you need it.

Any money you put in this pot will be invested in the Smart Cash fund.

Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Cash Fund.

Download the fund factsheet (PDF)

The rainy day pot is intended for planned expenses and money in the pot could take up to eight working days to reach your bank account. It could be a good idea to have cash in a bank account that you can immediately access to pay for unexpected emergencies.

It’s easy to top up your rainy day pot with money from another pot. However, if you won't need to use the funds for a while, you could consider using the later life and inheritance pots instead. You can't top the rainy day pot up with money that isn't already in your Smart Retire account.

Withdrawals reach your bank account in eight working days and PAYE tax is deducted at source.

Any withdrawals will be taxed as income and could push you into a higher tax band. Learn more about how your pension is taxed.

We'll deduct any tax due before we pay your withdrawal. For example, if you’re a basic rate tax payer (20% tax rate) and you withdraw £1,000, you’ll receive £800 in your bank account.

You can use this pot to take lump sum withdrawals from your account. It might be useful to keep some money in this pot for planned expenses, like home improvements or a holiday.

You can withdraw money from this pot whenever you need to and it should be in your bank account up to eight working days later.

You take money from your other pots to top this pot up if you wish.

Any money you put in this pot will be invested in the Smart Annuity Fund.

Download the fund factsheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Retirement Focus Fund (Annuity).

Download the fund fact sheet (PDF)‍

When you choose to access the pot is up to you. It will depend on your personal circumstances, age, health circumstances, and what other sources of income you have outside of Smart Retire. If you'd like help deciding when to use your later life pot, you can seek impartial guidance from Pension Wise, or advice from a financial adviser.

When working out the income you could get from an annuity, we look at things like how much your later life pot might be worth at your chosen age, and typical life expectancy. We assume the annuity will be:

- payable only to you

- payable for life with no minimum period

- paying you the same amount every month

A lot could change between now and when you use your later life pot and you might get more or less than the amount we estimate.

You don’t have to use the money in your later life pot to buy an annuity - there are other options available. For example, you could continue to take flexible withdrawals.

You can use this pot to provide you with an income from whatever age you select. For example, you could use it to secure a guaranteed income for the rest of your life from an insurance company, also known as an annuity.

Any money you put in this pot will be invested in the Smart Income Fund.
Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Cautious Growth Fund.
Download the fund fact sheet (PDF).

‍

To work out the income you can receive from your flexible income pot, we look at:

- your age

- the value of your flexible income pot

- how your money is invested

- your chosen later life age

‍

Using expert analysis, we then use this information to estimate an income that will probably last until your selected later life age.

You can see an up-to-date estimate whenever you like by signing into Smart Retire.

Your income is taxable, so we’ll deduct any tax due before it’s paid into your bank account. You could pay emergency tax on your first payment. If this happens, we will refund you in your next payment or you can contact HMRC for a refund.

Payment day is usually the 25th of the month. If the 25th is a weekend or holiday, you get paid on the working day before.

Every time you sign into Smart Retire you'll see an updated estimate. So if it looks like your income might run out a little early you could take a lower income for a little while. Or you could move money into the flexible income pot from one of your other pots.

You can use this pot to take a monthly income in the early years of your retirement. You can stop, start or change how much income you take whenever you need to.

When you're ready to use Smart Retire we need to:

- create your online account

- confirm your details, including your National Insurance number

- ask a few questions to confirm your eligibility

‍

This will take around 20 minutes.

We also need to check your identity before we set up your account. We can normally do this
online, but may need to give you a call and ask you to send us some documents.

Once we’ve received all the documents we need from you, it takes up to 15 working days to create your Smart Retire account. We'll send you an email once your application is complete.

If you have several pensions it could be worth consolidating them before joining Smart Retire. This includes other pensions you have with Smart Pension.

Transferring pensions to us is a straightforward process. All you need to do is tell us which ones you want to transfer and we’ll do the rest. And if you have any questions, our friendly staff are here to help.

There is no lower or upper limit to join Smart Retire, it’s open to all members of Smart Pension Master Trust.

You need to be a member of the Smart Pension Master Trust to join Smart Retire.

You have to be 55 years old or above to join Smart Retire.

If the total amount of tax-free sums, that you receive during your lifetime across all of your pension savings, is above the lump sum allowance, any excess is subject to income tax based on your personal circumstances.

If you die before age 75, and the the total amount of tax-free payments across all of your pension savings is above the lump sum and death benefit allowance, any excess is subject to income tax, at the rate applicable to the circumstances of the recipient(s) of the payment from your account.

If your Smart Retire account started on or after 6 April 2024 the amount of lump sum allowance used by your account will be expressed as a monetary amount. It is shown in your account details. The same amount of your lump sum and death benefit has been used by your account.

If you are taking benefits from other pension schemes you might be required to notify the administrator of the total amount of the lump sum allowance and/or lump sum and death benefit allowance you have used in this and other pension schemes.

These new allowances have been introduced from 6 April 2024 to limit the total amount of tax-free sums that members can receive from their pension savings.

Lump sum allowance – this is £268,275 and it covers the pension commencement lump sum, and the tax-free portion of uncrystallised funds pension lump sum.

Lump sum and death benefit allowance – this is £1,073,100 and covers all the lump sums under the lump sum allowance and certain death benefits and other lump sums that are payable tax-free (such as serious ill-health lump sums).

You can transfer benefits in another pension scheme into Smart Pension before you join Smart Retire. The option to transfer into Smart Pension and top up an active Smart Retire account may be available in the future.

If you continue working, you may be eligible to continue contributing to your Smart Pension account, or restart contributing at a later date.

Your current employer might also be required to continue paying into your existing Smart Pension account or re-enrol you in the future.

The amount you can contribute may be restricted if you have taken any withdrawals from Smart Retire other than the tax free lump sum.

It is not currently possible to add to your Smart Retire account after it has started, but that option may be available in the future.

If you become ill, there will be no automatic change to your account but you may want to rethink the way you have your pots arranged. Depending on the circumstances, you may need to seek guidance to help you decide what if any, actions you should take. If you have concerns about what will happen if your decision making ability becomes impaired as a result of illness, you may want to think about what options are available for you to make someone else responsible for your finances.

The trustees will take your wishes into account when deciding who receives your savings when you die, however it is at their discretion who receives the money. You should let the trustees know your wishes by completing an expression of wish form and keeping it up to date if your circumstances change. We'll ask you to complete an expression of wish when you join Smart Retire, and you can update it at any time in your account.

For more information on what happens to your pension when you die and the tax implications for beneficiaries, take a look at our Tax in retirement FAQS or www.pensionwise.gov.uk/en/when-you-die.

If there is money remaining in any of your pots when you die, all scheduled payments will be cancelled and the money will be retained in the existing pots and associated investment funds. No further instruction will be accepted from any party to make withdrawal or switch money between pots.

The balance of all money in your account will be paid to your beneficiaries at the trustees' discretion.

If you start taking flexible benefits from a pension scheme the amount you can continue to contribute to a pension scheme and receive tax relief is reduced to £10,000 a year. This is known as the Money Purchase Annual Allowance (MPAA).

If you exceed this allowance, you will be required to pay a charge to reverse the tax relief you received when paying the contribution. Unused allowance from previous year cannot be used to increase the money purchase annual allowance.

Claiming your benefits through Smart Retire means the money purchase annual allowance applies.

Find out more about the MPAA.

If your contributions exceed the annual allowance you will be required to pay a charge to reverse the tax relief you received when paying the contribution.

Find out more about the annual allowance.

The annual allowance is a limit on the amount that can be contributed to your pension each year, while still receiving tax relief. It's based on your earnings for the year and is capped at £60,000.

There are some schemes in place to protect people who exceeded, or were expected to exceed, the lifetime allowance before it was introduced or before it was reduced. Individuals with lifetime allowance protection usually retain their right to a higher level of tax-free lump sum, and to higher tax-free parts of other lump sums and lump sum death benefits. You should seek independent financial advice if you think this applies to you. Find out more about the lifetime allowance.

If your Smart Retire account started before 6 April 2024 the amount of lifetime allowance used by your account will be expressed as a percentage of the standard lifetime allowance. It is shown in your account details.

If you are taking benefits from other pension schemes you might be required to notify the administrator of the total percentages of standard lifetime you have used in this and other pension schemes.

The lifetime allowance was abolished from 6 April 2024. It was the limit on the amount of your pension savings you could take – whether as lump sums or retirement income – without triggering an extra tax charge.

The proceeds of your account will not normally be subject to inheritance tax. This is because Smart Retire is written under a pension trust and the money in your account does not form part of your estate. Find out more about inheritance tax.

If you die before your 75th birthday, any payments from your account to your beneficiaries are normally paid free of income tax, up to a limit of £1.073,100 across all of your pension savings. This limit is called the lump sum and death benefit allowance.

If you die on or after your 75th birthday the recipient(s) of payment from your account will be charged income tax at the rate applicable to their level of earnings. Find out more about tax on pension death benefits.

We will arrange for you to receive a payslip with each payment we make (but not the tax free lump sum). It will show the amount of gross payment taken from your account and the tax deducted.

We will send you a P60 form shortly after the end of the tax year and we will send you a P45 form if you close your account.

We may sometimes be required to deduct more tax than due. This could happen when we make the first payment of regular income or if we pay you a taxable lump sum. If you are receiving a regular income you should see the overpayment reversed with your next payment. If this does not happen you can contact HMRC for a refund. Find out more about tax overpayment on your pension.

Income tax is calculated through the Pay As You Earn (PAYE) system. HMRC will notify us of your tax code which allows us to work out your personal tax allowance. We apply the tax rate applicable to your income and personal allowance. Find out more about income tax.

You can buy an annuity with the value of your Smart Retire account at any time. You should shop around to find the company that offers the biggest income, and give careful consideration to the type of annuity that suits your needs. We recommend you speak to an independent financial advisor when deciding what to do with your pension savings. If you need financial advice, you can find independent financial advisers at https://directory.moneyadviceservice.org.uk/en

An annuity is a policy issued by a life assurance company where the company guarantees to pay an income in return for receiving your pension pot. In effect, if you live a long time you could receive more back than your pot was worth but your dependants could receive back less than your pot if you die early.

We recommend you exercise extreme caution if you are asked to transfer your pension savings.

Watch out for text messages, letters, emails or phone calls offering to help you with your pension savings. You might be put under pressure to make a quick decision or to take a cash inducement. If you do transfer to a fraudulent account, you could lose all your pension savings.

For more information about spotting scams visit www.thepensionsregulator.gov.uk/pension-scams.

If you suspect a scam, report it to the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or Action Fraud on 0300 123 2040.

You can also contact The Pensions Advisory Service, who will be able to provide guidance, on 0800 011 3797 or at www.pensionsadvisoryservice.org.uk.

Once you have selected a scheme to receive your transfer you should apply for membership of that scheme. The new scheme administrators will contact Smart Retire to obtain payment.

You can transfer to another pension scheme registered in the UK that has personal pensions and pension drawdown plans. Check with your provider to see if they will accept crystallised funds. If they do, you may have to transfer it to a new account rather than an existing account.

You may be able to transfer to a qualifying recognised overseas pension scheme (QROPS) but this is subject to conditions. Further information can be found at https://www.gov.uk/guidance/overseas-pensions-pension-transfers

The transfer value will be the combined value of all your pots at the time it is paid. There is no penalty or charge for transferring out.

If you request a tax-free lump sum when joining Smart Retire, there will be no tax deduction from this payment.
For further lump sum withdrawals, income tax is calculated through Pay As You Earn. 

You can reclaim any overpaid tax by contacting HMRC.

You should also be aware that claiming a lump sum could result in your earnings for the current tax year putting you into a higher rate tax band. You might want to consider spreading your withdrawals over different tax years.

Payment will be made into your nominated bank account after tax has been deducted (when applicable). This could take up to eight working days.

If you request a tax-free lump sum when joining Smart Retire, we will pay this to your nominated bank account before opening your account.

For other lump sum withdrawals, sign in to your account and select your rainy day pot. Click on make payment and select the amount you want to claim.

Remember, after you've taken your tax-free lump sum any further withdrawals will be taxed at your marginal rate. If required, you can take some money from another pot and top up your rainy day pot but that will reduce the value of the other pot.

To start or restart income payment, sign in to your account and select your flexible income pot. Click on change income, select the monthly amount you require, and we will start making regular payments. We will show you how long we expect the selected income to last.

To stop receiving an income, log on to your account and select your flexible income pot. Click on change income and select £0.00.

We'll stop your regular income payments. We will show you how much we think might be in this pot at your later life age if you don’t take any more payments.

1. Sign in to your account.  

2. Select Flexible income pot.

3. Select Change income.

4. Choose how much monthly income you want.

5. Check how long we estimate the income will last.

To change in time for your next payment day, you need to update your account at least 14 working days before.

Payment day is usually the 25th of the month. If the 25th is a weekend or holiday, you get paid on the working day before.

Any money you put in this pot will be invested in the Smart Growth - Moderate Risk fund.

Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Stable Growth Fund.

Download the fund fact sheet (PDF)

‍

If you want to set some money aside to leave as an inheritance you can save it in this pot. We’ll try to grow your money for you so you can leave a lump sum behind for your loved ones.

Don’t worry if you change your mind later - you can always move money out of this pot if you need it.

Any money you put in this pot will be invested in the Smart Cash fund.

Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Cash Fund.

Download the fund factsheet (PDF)

The rainy day pot is intended for planned expenses and money in the pot could take up to eight working days to reach your bank account. It could be a good idea to have cash in a bank account that you can immediately access to pay for unexpected emergencies.

It’s easy to top up your rainy day pot with money from another pot. However, if you won't need to use the funds for a while, you could consider using the later life and inheritance pots instead. You can't top the rainy day pot up with money that isn't already in your Smart Retire account.

Withdrawals reach your bank account in eight working days and PAYE tax is deducted at source.

Any withdrawals will be taxed as income and could push you into a higher tax band. Learn more about how your pension is taxed.

We'll deduct any tax due before we pay your withdrawal. For example, if you’re a basic rate tax payer (20% tax rate) and you withdraw £1,000, you’ll receive £800 in your bank account.

You can use this pot to take lump sum withdrawals from your account. It might be useful to keep some money in this pot for planned expenses, like home improvements or a holiday.

You can withdraw money from this pot whenever you need to and it should be in your bank account up to eight working days later.

You take money from your other pots to top this pot up if you wish.

Any money you put in this pot will be invested in the Smart Annuity Fund.

Download the fund factsheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Retirement Focus Fund (Annuity).

Download the fund fact sheet (PDF)‍

When you choose to access the pot is up to you. It will depend on your personal circumstances, age, health circumstances, and what other sources of income you have outside of Smart Retire. If you'd like help deciding when to use your later life pot, you can seek impartial guidance from Pension Wise, or advice from a financial adviser.

When working out the income you could get from an annuity, we look at things like how much your later life pot might be worth at your chosen age, and typical life expectancy. We assume the annuity will be:

- payable only to you

- payable for life with no minimum period

- paying you the same amount every month

A lot could change between now and when you use your later life pot and you might get more or less than the amount we estimate.

You don’t have to use the money in your later life pot to buy an annuity - there are other options available. For example, you could continue to take flexible withdrawals.

You can use this pot to provide you with an income from whatever age you select. For example, you could use it to secure a guaranteed income for the rest of your life from an insurance company, also known as an annuity.

Any money you put in this pot will be invested in the Smart Income Fund.
Download the fund fact sheet (PDF)

If you're in the Leonardo Pension Plan, any money you put in this pot will be invested in the SMART Schroders Cautious Growth Fund.
Download the fund fact sheet (PDF).

‍

To work out the income you can receive from your flexible income pot, we look at:

- your age

- the value of your flexible income pot

- how your money is invested

- your chosen later life age

‍

Using expert analysis, we then use this information to estimate an income that will probably last until your selected later life age.

You can see an up-to-date estimate whenever you like by signing into Smart Retire.

Your income is taxable, so we’ll deduct any tax due before it’s paid into your bank account. You could pay emergency tax on your first payment. If this happens, we will refund you in your next payment or you can contact HMRC for a refund.

Payment day is usually the 25th of the month. If the 25th is a weekend or holiday, you get paid on the working day before.

Every time you sign into Smart Retire you'll see an updated estimate. So if it looks like your income might run out a little early you could take a lower income for a little while. Or you could move money into the flexible income pot from one of your other pots.

You can use this pot to take a monthly income in the early years of your retirement. You can stop, start or change how much income you take whenever you need to.

When you're ready to use Smart Retire we need to:

- create your online account

- confirm your details, including your National Insurance number

- ask a few questions to confirm your eligibility

‍

This will take around 20 minutes.

We also need to check your identity before we set up your account. We can normally do this
online, but may need to give you a call and ask you to send us some documents.

Once we’ve received all the documents we need from you, it takes up to 15 working days to create your Smart Retire account. We'll send you an email once your application is complete.

If you have several pensions it could be worth consolidating them before joining Smart Retire. This includes other pensions you have with Smart Pension.

Transferring pensions to us is a straightforward process. All you need to do is tell us which ones you want to transfer and we’ll do the rest. And if you have any questions, our friendly staff are here to help.

There is no lower or upper limit to join Smart Retire, it’s open to all members of Smart Pension Master Trust.

You need to be a member of the Smart Pension Master Trust to join Smart Retire.

You have to be 55 years old or above to join Smart Retire.