Retiring

• You decide how to use your DC savings to provide income in retirement.
• There are 3 main options: cash, flexible access and pension, although not all your options are available directly through the DC Plan.
• You can start using your DC savings from age 65, although if your employer agrees, you can start using them from age 57 (or 55 until April 2028).
• You may also be able to start accessing your savings while you’re still working for ITV provided your employer consents.
• Our leaflet Have it your way! summarises your options and lets you know some things you should consider when deciding what’s right for you.

How it works

• You can take all your DC savings as cash through the DC Plan either as one-off cash (a one-off lump sum) or multiple cash (a series of up to 5 lump sums).
• Currently, 25% of each withdrawal would be paid tax free (up to a limit) and the rest would be taxable. (If you want to continue making pension contributions to another pension arrangement after you've started accessing your DC savings as cash, there are rules that prevent people using tax-free lump sums to make further contributions.)
• The maximum lump sum you can take tax free across all registered pension schemes is £268,275 (or a higher amount if you have a protection from the Lifetime Allowance) (under current rules).
• Bear in mind that if you want to contribute to another pension arrangement after starting to take your DC savings as cash, the amount you can contribute tax-efficiently will reduce to £10,000 a year (this is called the Money Purchase Annual Allowance). Find out more about pension tax allowances.

Who it might suit

• The one-off cash and multiple cash options are designed for members who plan to withdraw their DC savings in one or a few lump sums over a relatively short period of time, for example 5 years or less.
• If you want to take your DC savings as cash in any other way, for example in more than 5 lump sums, you’d need to transfer your DC savings to another provider.

Choosing your provider

• You’ll need to transfer your DC savings to a provider of your choice to access your cash savings in more than 5 cash sums.
• It's completely up to you which provider you choose. The Trustees have put in place and arrangement with Legal & General (L&G) that you might like to consider. You can find out more on the L&G mastertrust website.

Finding out more

• You can find out more about taking your DC savings as cash in our leaflet Cashing in your savings.

How it works

• This option lets you take up to 25% of your DC savings as tax-free cash (up to a limit) and then access the rest of your savings throughout your retirement to suit you, while leaving the rest invested. (This option is sometimes called ‘drawdown’.)
• The maximum tax-free cash you can take across all registered pension schemes is £268,275 (or a higher amount if you have a protection from the Lifetime Allowance) (under current rules).
• You can vary the amount you withdraw, when you withdraw savings, and how many withdrawals you make to suit your circumstances. Each withdrawal would be subject to tax.
• With flexible access, like in the DC Plan, you’re responsible for deciding how to invest your savings, so you’ll need to review your investment choices occasionally to make sure they suit your needs.
• Bear in mind that if you want to contribute to another pension arrangement after starting to take flexible income (this doesn't include any tax-free cash you might take), the maximum amount you (and your employer, if applicable) can contribute tax-efficiently each year will reduce to £10,000 a year (this is called the Money Purchase Annual Allowance). Find out more about pension tax allowances.

Who it might suit

• The flexible access option is designed for members who plan to withdraw savings as soon as they retire and throughout their retirement; for members who don’t plan to withdraw savings for several years after retirement; or for members who may plan to leave savings to their beneficiaries when they die.

Choosing your provider

• You’ll need to transfer your DC savings to a provider of your choice to access your savings flexibly.
• It's completely up to you which provider you choose. The Trustees have put in place and arrangement with Legal & General (L&G) that you might like to consider. You can find out more on the L&G mastertrust website.

Finding out more

• You can find out more about the flexible access option in our leaflet Stay flexible in retirement.

How it works

• You can take up to 25% of your DC savings as cash (currently tax free) and use the rest to buy an annuity (a pension) from a pension provider.
• There are lots of different types of annuity to choose from including: one that continues being paid to your dependants at an agreed rate after you die, one that's paid at a fixed rate throughout your retirement or one that increases each year.
• Once you’ve chosen the type of annuity you want, you can’t change your selection once your annuity starts being paid (for example, to add a pension for a partner or spouse or to remove a spouse’s pension if your spouse dies before you).

Who it might suit

• The annuity option is designed for members who plan to use their DC savings to purchase an annuity – a fixed income paid typically for the rest of their life. 

Choosing your provider

• You’ll need to transfer your DC savings to a provider of your choice to purchase an annuity.
• It's completely up to you which provider you choose. The Trustees have chosen a company to help members set up their annuity and shop around to find the best option. HUB Financial Solutions can provide you with information, tools and support until your annuity has been set up. The cost of this service is paid for by the DC Plan.
• You don’t have to use HUB Financial Solutions to arrange your annuity; if you prefer, you can obtain annuity quotations either yourself or through an independent financial adviser.

Finding out more

• You can find out more about using your DC savings to buy an annuity in our leaflet Looking for peace of mind?

• Transferring your savings out of the DC Plan to another provider will give you access to other options not offered by the DC Plan.
• These options have different features, rates of payment, charges and tax implications, as well as different rates for converting your savings into an annuity if you decide to use your savings to buy an annual income. So, it’s important that you understand these before you decide whether to transfer your DC savings out of the DC Plan. Once you’ve transferred your DC savings out, you can’t transfer them back.

Spot the signs

• If you've been contacted out of the blue or feel rushed into making a decision, watch out!

• Being contacted out of the blue about your pension and promised high returns, pension loans, upfront cash or early access to your pension before age 55 is a strong sign of a pension scam and is illegal. You should always feel able to take your time to make important financial decisions.

Protect yourself

• Do your homework before making any financial decision to make sure you don't fall victim to a pension scam.
• Visit the Financial Conduct Authority’s (FCA’s) ScamSmart website for more about how scams work, tips about what to look out for and how to protect yourself.
• Check the ScamSmart warning list for firms known to the FCA as suspected scammers.
• Not every scam is preventable but we'll do our best to help protect you. We'll look closely at where you’re transferring to and check your request meets certain conditions. If it doesn't, we won't' transfer your DC savings.

Report it!

• If you think you've been scammed, contacted by a scammer or even if you think something just doesn't feel right – say something. Your experience could help the authorities catch scammers and help others people.
• You can tell the FCA using their simple online reporting form or by calling 0800 111 6768.
• If the scam is concerning your ITV DC Plan savings, please also let us know.

You’re not alone

Deciding how to use your DC savings can be a complex choice that will depend on your personal circumstances. But you’re not alone – ITV Pensions will support you and there are other services that can help you make choices that suit your plans and fit your circumstances.

Support from ITV

• It’s good to talk, right? Our DC Plan administrator, XPS, can talk you through your retirement pack, explain your options and answer your questions. What they can’t do though is give you advice about your specific circumstances or which option to choose – for that, you'll need to speak to an independent financial adviser (IFA).  

Guidance through the MoneyHelper service

• If you’re over 50 with DC savings, you should book a phone session with the Government’s free and independent guidance service, Pension Wise (part of the MoneyHelper service). It’s a very useful service that can give you information about the options available. Find out more and book your session at MoneyHelper.

Getting financial advice

• Even if you’ve never thought about speaking to an independent financial adviser (IFA) before, you should strongly consider it when  you're deciding how to access your DC savings. You may find it really pays off as an IFA can help you decide the best way to access your savings. What’s more, they’ll look at the big picture by considering all your savings. Find out more about Getting financial advice and whether it could help you.
• If you don’t have an IFA, you can find one who’s authorised and regulated by the Financial Conduct Authority at Unbiased or MoneyHelper – Find a retirement adviser. If you're not sure how to choose one, take a look at choosing a financial adviser on the MoneyHelper site for things to think about and questions to ask.
• You’ll need to pay for financial advice, so make sure you check the IFA's terms and fees.
• If you want, you can take up to £500 each tax year from your DC savings to put towards the cost of regulated advice. This is called the Pensions Advice Allowance. You can make up to 3 withdrawals (so, £1,500 in total). There are no age restrictions, so you can take advice whenever it suits your circumstances (although £500 is the most you can withdraw in a tax year). Find out more about the Pensions Advice Allowance.

• To find out more about your options, read our summary leaflet Have it your way! or the more detailed leaflets explaining how cash, flexible access and pension work (and who they might suit).
• The DC Plan administrator, XPS, will email you a retirement pack showing your options and your personal figures. 
• They'll send your pack about 6 months before your target retirement date (usually the date you intend to start accessing your savings) or age 65 if you haven't chosen a target retirement date.
• You can also request a retirement pack from age 57 (or 55 until April 2028) by calling 0118 2142836 or emailing itvpensions@xpsgroup.com. If you’d like more details before then, please contact ITV Pensions on 01772 884488 for details.

• You can choose any birthday from your 57th (or 55th until April 2028) to your 75th birthday as your target retirement date.
• You may want to choose the date when you plan to start using your DC savings, but you don't have to. If you don't choose a target retirement date, we'll assume it's your 65th birthday.
• If you're investing through Guided, it's important to select a target retirement date. This is because it affects how your DC savings are invested and when your savings start switching to different funds.
• Even if you're investing through Customised, you should still set a target retirement date, so we know when to write to you about things like your retirement pack.
• You may not know when you plan to access savings until a couple of years beforehand – that's fairly normal – so you can change your target retirement date at any time by filling in a Changing your target retirement date form. Bear in mind that changing the date may change how your DC savings are invested. If you're not sure what effect it will have, ITV Pensions can help explain what it means.