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.
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.
Aon Retirement Options Modeller
This tool is pre-loaded with details of your Fund benefits, enabling you to explore your retirement options alongside the potential income each one could provide you with.
It’s completely secure and easy to use.
Help using the modeller
There is also a user guide if you need it, available from the Library.
To get started, go to More online.
My AZ Pension
You can access the My AZ Pension website 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 the My AZ Pension website, 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:
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.
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.
Helping you to decide
Deciding how to take your Fund benefits is a very important decision.
To help, you have access to a powerful, easy-to-use personalised tool in the run-up to retirement.
The Aon Retirement Options Modeller is loaded with your data, enabling you to explore your options and see the potential income each could give you. Go to the More Online page to access the modeller, or for more details, see the Retirement process, and FAQs.
Paid-for financial advice
No-one involved with the Fund or AstraZeneca is legally allowed to give you financial advice about retirement.
However, the Company will pay for you to receive up to two sessions of impartial financial advice on your retirement options from Wren Sterling, an appointed firm of independent financial advisers.
- You can find out more about this offer 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 . . .