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20 February 2019

How will you use your pension?

Please note – the Amey OS Pension Scheme is a defined benefit scheme so the options below do not apply to your main Scheme benefits. However, if you pay into any additional voluntary contribution (AVC) arrangements, the below options would apply to those pension savings.
Think carefully about which option is right for you.
You can... 

  • Take your savings as cash 
  • Buy an annuity, which will give you a guaranteed income for lift 
  • Keep your contributions invested 
  • Use drawdown (take up to 25% tax-free and get a regular taxable income from the rest) 
  • Take the cash bit by bit when you want it (with 75% of each payment taxed as income), or
  • Mix and match the above options

Usually, up to 25 per cent of your account can be taken tax free. However, different tax rules apply to different options.
You can find out more about each option and how it is taxed at

You should think carefully before making any decisions about your pension.