Understanding your retirement options
This website is for members of the AstraZeneca Pension Fund with a Retirement Account. It provides you with useful information about retirement and aims to help you to understand the process.
While you may not currently be able to retire, we want you to understand the options that will be available to you in the future and the support that is in place now to help you make informed decisions.
Watch this video
Before you have a look around, take a minute to watch our video which highlights the valuable support you have access to.
Supporting you through your retirement options
Your online support
You have access to the following support to help you through the retirement process.
My AZ Pension
You can access My AZ Pension at any time to run a transfer value or retirement quotation.
The figures generated are not guaranteed but they should help you to assess your options, including when to retire.
You can also see details of your deferred pension and make changes to certain personal details.
To access My AZ Pension, go to More online.
You can also access the forms you will need from the My AZ Pension forms resource.
On this site
We encourage you to use this site as a hub for information on your retirement options, the retirement process, and for access to the support available to you.
It also contains the forms you need to retire, Q&As and a library of Fund-related documents.
We have arranged the information into the following sections:
- How you can get independent financial advice to help you decide how to take your Fund benefits.
Links to more online resources including:
- ePensions
- access to the forms you'll need at retirement.
In summary
Knowing your Fund benefits
The Fund is made up of the Retirement Account and the Investment Account.
You may have a Retirement Account only or a Retirement Account and an Investment Account.
The benefits in your Retirement Account are ‘defined benefits’ (DB).
If you also have an Investment Account, these are ‘defined contribution’ (DC) savings.
What is the Retirement Account?
The Retirement Account is a ‘defined benefit’ (DB) arrangement. When you retire, you’ll receive benefits based on your salary and pensionable service.
There are certain rules in place to help protect your benefits in the Retirement Account – if you take them from the Fund.
Investments
All assets are in one pooled fund. The Trustees decide how these are to be invested with the advice of appointed investment advisers.
Funding
The funding level of the Retirement Account is assessed regularly. If there is a funding shortage, the Company pays in whatever money is needed to secure your future benefits.
For details of the latest funding position, refer to the latest Fund newsletter, 'Pension update', which you can download from the Library.
When you retire
- You’ll receive a pension for life from the Retirement Account.
- You’ll have the option of taking a tax-free cash sum (broadly equivalent to 25% of your Retirement Account benefits) and a reduced pension.
- Your eligible dependants will receive a pension for life after your death. You’ll be able to choose the level of this pension.
Extra contributions
If you make or ever made Additional Contributions, Additional Matched Contributions (AMCs), Additional Advantage Contributions (AACs) or Additional Voluntary Contributions (AVCs), these are ‘defined contribution’ (DC) savings, held within your own Investment Account.
Understand your Retirement Account options
See the Your options page.
What is an Investment Account?
The Investment Account is a ‘defined contribution’ (DC) arrangement.
Investing your Investment Account
You have your own individual Investment Account and it’s your responsibility to decide how its invested.
We make a range of investment options available to you. For details, including the option to make a change to your investments, go to the My AZ Pension website - see More Online.
When you retire
There is greater flexibility for taking DC savings compared to taking DB benefits.
- You’ll be able to take a guaranteed income for life by buying a pension from an insurance company.
- You’ll be able to take an income of your choice using income drawdown.
- You’ll be able to take your DC savings as cash – in one go or in instalments.
- You’ll be able to use any combination of the above options.
Where can you get more information about your options?
See the Your options page for more detail.
Your retirement age
The Fund’s Normal Retirement Age varies depending on which section you’re in.
You can get confirmation of your Normal Retirement Age by requesting a retirement projection on ePensions (see More Online).
Under current pensions law, you can start to take your retirement benefits at any time from age 55.
- If you retire earlier than your Normal Retirement Age, your benefits will generally be lower as they will be payable for longer.
- If you retire later than your Normal Retirement Age, your benefits will generally be higher as they will be payable for less time.
Financial advice
Deciding how to take your Fund benefits is a very important decision and no-one involved with the Fund or AstraZeneca is legaly allowed to give you financial advice.
To help, the Company has appointed Wren Sterling, an authorised independent financial adviser.
You can contact Wren Sterling now for expert advice on your retirement options. You will need to pay their costs, but the Company has negotiated discounted rates for Fund members.
Paid-for financial advice
When you are closer to the legal minimum retirement age (within 9 months of age 55), you may be eligible to receive up to two sessions of advice from Wren Sterling, paid for by the Company.
Find out more
You can find out more about Wren Sterling and the advice process on the Financial advice and FAQs pages.
You’ll also receive details in Your retirement pack.
So, where should you start?
Go to the Options page to start thinking about how you might want to take your benefits . . .