Retirement benefits

Normal pension age in the Scheme is 65, although you can retire earlier from age 55 if you wish.

In most cases you can take your pension from 60 without any reduction. If you retire between 55 and 59, your benefits will be reduced for early payment. 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

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.

    Contact Mercer if you have any questions.

  3. 3.

    Let us know your plans as early as possible before you wish to retire.

  4. 4.

    Around your retirement date, we'll send you:

    1. a final retirement quote and your options; and
    2. forms to complete and return.
  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.

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