Scheme benefits - Retirement benefits
Early retirement
If you retire between 55 and 59, there will be a reduction in the amount you receive. You can take your pension from 60 without a reduction in your benefits, or from 50 if you leave because of redundancy. Visit My Retirement Planner to find out more.
The process
- 1.
Visit My Retirement Planner at any time to understand more about your retirement benefits and when you can retire.
- 2.
Tell your line manager and HR in good time and in line with your notice period.
- 3.
Up to 12 months before your retirement date, give your resignation notice.
- 4.
12 months before your early retirement, we’ll write with details of:
- your Scheme benefits
- your retirement options
- 5.
Two months before your retirement date we'll send you a final retirement quote and forms to complete.
- 6.
Return these with your birth certificate, and marriage or decree of divorce if applicable.
- 7.
We’ll pay your pension on the 15th of the month once you’ve retired. If you’re taking a lump sum, this is paid from the first Friday after your retirement date.
