Discover expert pensions and retirement advice from LV=
Learn more about what options may be available to you and the stages involved before you start receiving your Horizon pension benefits. You can find out how to request a retirement pack and when you might be able to retire.
LV= have been carefully selected by the Trustee of the Horizon Pension Scheme to provide independent retirement advice, paid for by the Trustee, to members aged 54 and over. For more details, visit our LV= Retirement Advice Service section here.
If you’re an active member of the Scheme you can view your annual statement for more information about your benefits before contacting LV=.
If you’re an active member of the Scheme, you will receive an annual benefit statement towards the end of each year letting you know how much your pension and any death benefits are worth. These will be posted to you unless you have opted in to digital communications and then they’ll be available via the Portal.
You will receive separate statements for each of the sections you've built up benefits for.
Retirement options
You can choose to use the benefits you have in the Horizon Pension Scheme in several ways. So you can determine the best option for you, it’s worth thinking about your future finances before you reach your planned retirement age. To do this you should also think about your other pension savings (including those with your current and previous employers) and the State Pension.
The final options you have when you take your pension will depend on the amount you have built up in the Scheme and when you decide to take your benefits.
If you have Additional Voluntary Contributions (AVCs) in the Scheme, they will also provide you with benefits at retirement. You can find out more about AVCs in the Contributing towards my pension section.
The usual retirement options to choose from are:
Full Pension
You’ll receive monthly payments for life payable from your retirement date. You can find out how much your pension might be at your chosen retirement date by logging in to your pension account on the Portal.
If you’ve not used the Portal before and need help, go to ‘How to register for the online member Portal’ on the homepage.
Tax-free cash and a reduced pension
You may be able to exchange some of your pension, including AVCs if you have them, to receive a one-off cash lump sum, which is paid tax-free. This is limited to 25% of your full pension.
Transferring your benefits to another pension arrangement
It’s possible to transfer your pension to another arrangement if you’d like to look at additional retirement options that are available with other providers. You can read more about this on the Transferring my pension page. You can also get an estimated transfer value by asking the Horizon Pension Team.
It’s not always easy to know the choice that’s right for you and if you’re ever unsure you should seek independent financial advice. You can find an independent financial adviser in your local area by visiting MoneyHelper.
Taking early retirement
Your normal retirement age (NRA) from the Scheme will vary depending on which section of the Scheme you’re in but will be between 60 and 65. The earliest you can take your pension in normal health is set by the government as age 55 and this will increase to age 57 in 2028. You may also need the agreement of the Trustee and for your payments to meet a minimum amount to be able to take your pension early from the Scheme. You may also be able to receive your pension before age 55 if you are in ill health, but you would need to provide medical evidence to support this.
Taking your pension earlier than your NRA means it may be reduced because it is likely to be in payment for longer. This is calculated based on the number of years and months between your chosen retirement age and your NRA.
Should you wish to take early retirement from the Scheme, please log a request on our online member Portal here.
Alternatively, see our Contact us section for other ways to get in touch.
How can we help you?
Here you can find an archive of important documents, how-to guides and our newsletters:
Go to the library
There are a few ways you can get in touch with our team. Find out which way works best for you:
Get in touch