When you retire you can use the value of your Retirement Account to provide you with benefits to suit your needs and lifestyle. The benefits can be provided as
a cash lump sum (you can take up to 25% of the value of your Retirement Account as a tax free lump sum with any more cash being taxable at your marginal rate of income tax);
an annuity (a pension) from an insurance company;
flexi-access drawdown (allowing you to take a cash lump sum and/or an income without buying an annuity); or
a combination of the above
The Trustee has appointed an independent retirement service provider (TOMAS) who will explain the options available so that you can make an informed decision. Diageo will pay the cost of providing you with access to this service. Diageo will pay the cost of using TOMAS once in any one 12 month period. Please be aware that if your needs are complex and you are referred to one of the TOMAS specialist advisers you may have to pay part of the total fee. This will be explained in more detail if this is applicable to your personal circumstances.