Scheme benefits - Retirement benefits
Normal pension age in the Scheme is 65, although you can retire earlier from age 55 if you wish.
If you retire between 55 and 59, your benefits will be reduced for early payment. In most cases you can take your pension from 60 without any reduction. If you leave the Scheme because of redundancy, you may be able to take your pension from 50.
If you retire early and take your benefits before you reach State Pension age, you have the option to Bridge the Gap. Visit My Retirement Planner to understand your options and look at when you might want to retire.
We also write to you a few months before your 60th birthday to let you know your options. You don’t have to retire at 60 – you can retire later or in some cases earlier. Visit My Retirement Planner for more information.
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.
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.
Visit My Retirement Planner at any time to understand more about your retirement benefits and when you can retire.
Twelve months before you turn 60, we'll write to you with:
- your Scheme benefits;
- your retirement options; and
- to ask if you’re planning to draw your pension at 60 – you don’t have to, it’s up to you.
Let us know your plans as early as possible before you wish to retire.
Shortly before your retirement date, we'll send you:
- a final retirement quote and your options; and
- forms to complete and return.
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.