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Things to remember when considering retirementGlossary of termsSome of the words and phrases usedin this Guide have special meanings.These are highlighted and explainedat the back of this Guide.There are a number of factors you shouldalso take into consideration when you areapproaching retirement or thinking aboutretiring early.• Once in payment, your pension will bepayable for life.• The total pension benefits payable when youretire will be subject to Inland Revenue limits.• Benefits paid on voluntary retirementbetween age 60 and 65 may be reducedand between age 50 and 60 will be reduced.• You may give up part of your own pensionto provide a pension for any dependant oran additional pension for your spouse.An option to give up part of your pensioncannot be reversed after pension paymentscommence even if your beneficiary diesbefore you. Contact the SchemeAdministrator for further details (see page 24).• Special rules cover those cases whereemployment continues after NormalRetirement Date. Where appropriate, pleasediscuss with the Scheme Administrator.• All pensions, including your own and anydependant’s, are paid monthly in arrearsand taxed as earned income on a ‘Pay AsYou Earn’ basis.10 United Utilities Pension Scheme Members’ Guide