ScottishPower Pension Scheme
Your retirement options explained | 2025
Welcome to your guide to the retirement options available from the ScottishPower Pension Scheme. It provides information about how each of the options work and the things you should consider before making your choice. It should be read along with your retirement quotation letter and pack. It’ll help you to make an informed decision that aligns with your retirement goals and lifestyle plans.
Some of the retirement options in the Scheme differ depending on which Benefits Section you’re in.
Generally:
- If you joined before 1 January 1999, you’ll be a member of the ScottishPower Benefits Section.
- If you joined on or after 1 January 1999, you’ll be a member of the FSLP Section.
If you think you’re a member of the ESPS Section, please contact Aptia for details about your specific retirement options.
If you have any queries about the Scheme, please look at the Member Guide, go to OneView, or contact Aptia.
Retirement Options
Option 1
Annual pension only
Option 2
Reduced annual pension plus maximum cash lump sum
Option 3
Annual pension with Pension Increase Exchange (PIE)
Option 4
Reduced annual pension with Pension Increase Exchange (PIE) plus maximum cash lump sum
Option 5
Cash Equivalent Transfer Value (CETV)
Option 6
Trivial Commutation
Independent financial advice
You should always consider taking FCA-regulated financial advice before making any decisions about your retirement benefits. For help choosing an adviser please go to the MoneyHelper website.
Useful contacts
MoneyHelper A free, Government-backed service offering impartial help on all aspects of money, including benefits, savings, budgeting and pension choices. It includes Pension Wise, which offers free, impartial guidance on retirement options for people aged 50 and over. Visit www.moneyhelper.org.uk.
© 2025 ScottishPower
Option 1: Annual pension only
Option 2: Reduced annual pension plus maximum cash lump sum
Option 3: Annual pension with Pension Increase Exchange (PIE)
Option 4: Reduced annual pension with Pension Increase Exchange (PIE) plus maximum cash lump sum
Option 5: Normal Scheme basis – Cash Equivalent Transfer Value (CETV)
Option 6: Trivial Commutation
