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When can I retire

You can retire and take your pension any time between age 55 and 75

If you take your pension benefits before your normal pension age they will normally be reduced because you’re getting them paid earlier. If you take your benefits later than your normal pension age your benefits will be increased because they're being paid later.

What is my normal pension age?

Your normal pension age is the age you can retire and take the pension you have built up in full.

Pension built up before April 2014

For pension you built up before April 2014 there’s a protected normal pension age of 65 (except for a very small number of members with an earlier protected age of 60). The protection means that if you draw your pension at your protected normal pension age, you’ll get the pension you built up in the scheme before 1 April 2014 in full.

For the pension you build up from 1 April 2014, your normal pension age is the same as your state pension age (but with a minimum of age 65).

What is my state pension age?

Use the government’s state pension age calculator to find out your state pension age. Note that the calculator doesn’t include proposed changes to state pension age.

If your state pension age changes in the future, your normal pension age for the benefits you build up from 1 April 2014 will also change to match.

What are the other types of retirement?

Redundancy or efficiency from age 55

Your pension will be payable immediately (with no reduction for early payment) if you are made redundant or if you lose your job for business efficiency reasons when age 55 or over. This is the pension you have built up in the scheme up to the date you leave the scheme, not the benefits you would have received if you had stayed in the scheme until your normal retirement age.

Flexible retirement from age 55

If your employer allows it, you might be able to reduce your hours and/or your pay grade from age 55 and draw some or all of your pension while continuing to work.

If you retire on flexible grounds before your normal pension age your benefits may be reduced.

How do I get an estimate?

If you’re over age 55 you could decide to finish work and start drawing your pension straightaway. But, the amounts payable might be lower than those shown on your last Annual Benefit Statement. Please contact us for a full pension estimate before you decide to retire.

We will supply you with up to 2 estimates for each pension/ deferred pension record you have with us, free of charge within a 12 month period. In addition we also send an Annual Benefits statement each year for each pension/deferred pension record you have with us. If you require more than 2 estimates in any 12 month period the cost will be £60 including VAT for each extra calculation.

If you are considering flexible retirement, redundancy/severance or asking your employer to pay for any reductions on your benefits you need to contact your employer so they can request this information on your behalf.

What do I need to do when I decide to retire?

If you decide to retire you need to tell your employer.

Once your employer confirms your decision to retire we will send you a retirement pack. The pack will include a form that you need to fill in and return so we can pay your pension benefits.