If you are made redundant, there are different options depending on your age. You might be able to take your pension earlier, as follows:

Age at date of redundancy Your pension may be payable:
50 or over Immediately, without a reduction
45–49 From age 50 without a reduction
40–44 From 50 – reduced for early payment
Under 40 From 60; or from 55 with a reduction for early payment

The younger you are, the greater the reduction will be.

You can also choose to transfer your benefits to another registered pension scheme.

The process

  1. 1.

    You and Cadent’s My People Services team discuss your options and figures.

  2. 2.

    Cadent’s My People Services team gives you an Expression of Wish form in case you want to divert any of your redundancy payment (in excess of £30,000 only and up to certain limits) to your pension.

  3. 3.

    Return this form before your leaving date if applicable.

Under 50?+

  1. 4.

    Cadent’s My People Services team will notify you that you are leaving the business in either your month of leaving or the following month.

  2. 5.

    On leaving the Scheme, you become a deferred member.

  3. 6.

    Once Mercer receives confirmation, the team will write to you with your deferred benefits.

50 or over?+

  1. 4.

    Mercer gives you a retirement quote and necessary forms.

  2. 5.

    Complete and return your forms with a copy of your birth certificate plus marriage certificate or decree of divorce if applicable.

  3. 6.

    We pay your pension on the 15th of the month.

  4. 7.

    If you have chosen to take a cash lump sum, this is paid into your bank account as soon as possible after your retirement date.

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