Just spent about 3 hours trying to get my head around these. Think I understand them but have booked an appointment with a financial advisor having also looked into tax on interest in a savings account. Seems it may be best to take interest tax free? I think due to low income and then try to dodge the 5 year conversion into average earnings re pension. I left on UPS 3 in 2012 so average earnings would be a disaster and reduced pension due it taking it a little earlier could be better. Still not sure if I would need to pay into the pension before the 5 years is up, it seems that I wouldn't need to having looked as case studies for deferred members on the site. Cannot believe the way that many people will be conned out of the pension they expected..If this was a normal investment, which I have Thank God, surely it would be illegal?