You can choose to use the benefits you have saved up in the M&S Pension Scheme in several ways. It's worth thinking about your future finances before you reach your planned retirement age, so you can work out what the best option is for you. To do this you should also think about your other pension savings (including any in Your M&S Pension Saving Plan) and the State Pension.

The final options you have when you take your pension will depend on the amount you have earned in the Scheme and when you decide to take your benefits. You’ll normally be able to choose from:

If you’ve made Additional Voluntary Contributions (AVCs) in the past, these will also provide you with benefits at retirement. You can find out what you get from AVCs in the Additional Voluntary Contributions section.

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.


The normal age for retirement from the Scheme is 65 (or age 60 if you joined the Scheme on or before 31 December 1995). The earliest you can take your pension is set by the government as age 55 and this will increase to age 57 in 2028. To take your pension early from the Scheme, you will also need the agreement of the Trustee and for your payments to meet a minimum amount.

Taking your pension earlier than the normal retirement age means it will be reduced because it is likely to be in payment for longer.

How much your pension is reduced by will depend on

  • how early you retire, and
  • the reduction factors that are in place when you retire.

Please note, early retirement factors are not guaranteed. The Trustee reviews these factors and they may be changed.

You can find out how much your pension might be at your chosen retirement date by logging in to your pension account on the M&S Pension Scheme Portal and clicking on the Retirement Illustrator. If you’ve not used the Portal before and need help, go to Manage my pension online.


Pension payments must be made in line with the Scheme Rules and HMRC requirements. This means that not all options are available to members at retirement. You’ll receive full details of the options available to you in your retirement pack. The choice you make when you take your pension is permanent and you cannot change your mind once your pension is in payment.


M&S allows you to take your pension and carry on working. You’ll need to agree with your line manager if you also want to change your working hours.

If you are thinking of doing this, remember that your pension is taxable income, so it may affect your tax situation if you have taxable income from other sources.


Our Budget Planner Tool can help you work out how much you might need in retirement, follow the link to try it out