Early retirement

In most cases you can take your pension from age 60 without any reduction. If you retire between 55 and 59, there will be a reduction in the amount you receive. If you leave because of redundancy you may be able to take your pension from age 50.

If you retire early and take your benefits before you reach State Pension age, you have the option to Bridge the Gap

You can retire at any time due to ill health without a reduction, but you will need to satisfy strict ill-health criteria to do so. 

To find out more about when you can retire from the Scheme, visit My Retirement Planner. There is a Q&A about My Retirement Planner available on the documents page

Different early retirement rules apply to the Manual Workers Pension Scheme. If you were a member of this scheme, please contact us for more information.

The process

  1. 1.

    Visit My Retirement Planner at any time to understand more about your retirement benefits and when you can retire.

  2. 2.

    Tell your line manager and HR in good time and in line with your notice period.

  3. 3.

    Contact Mercer if you have any questions

  4. 4.

    Around your early retirement date, we’ll write with details of:

    1. your Scheme benefits 
    2. your retirement options
  5. 5.

    We’ll pay your pension on the 15th of the month after you’ve retired. If you’re taking a lump sum, this is paid as soon as possible after your retirement date.

  6. 6.

    Return these with your birth certificate, and marriage or decree of divorce if applicable.

  7. 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.

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