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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 your retirement date is within the next six months, please contact your employer and ask them to request an estimate of benefits for you. They’ll give us the pay figures we need to calculate your pension benefits.

If your retirement date is not within the next six months, please see your latest pension statement for details of your projected pension benefits.

Your annual pension statement will tell you what your pension benefits will be if you decide to take them at

  • age 55 (or your current age if you’re already over age 55)
  • age 60
  • age 65, and
  • state pension age.

‘If you haven’t received your statement by the end of August please give us a ring so that we can make sure you get one.’

What if I haven’t received my statement for this year?

You should receive your statement by the end of August. If you don’t, please give us a ring and we’ll make sure you get one as soon as possible.