can take early and flexible retirement, and tax-free cash.
scheme’s normal retirement age is now linked to your State Pension
Age for both men and women.
The scheme provides you the flexibility retire and draw your benefits
from anywhere between age 55, right up to the eve of your 75th
can choose to retire from 55
without permission from your employer. If you choose to retire
before your normal retirement age your benefits will be reduced
to take account of being paid for longer. How much your benefits are
reduced depends on how early you retire.
choose to carry on working after age 65 you will continue to pay into
the scheme, building up further benefits. You can receive your
pension when you retire or when you reach the eve of your 75th
birthday, whichever comes first.
can look at flexible retirement.
Rather than continuing in your job until your normal retirement
age or beyond you may wish to consider the possibility of
flexible retirement. From age 55, if you reduce your hours or move to
a less senior position, and provided your employer agrees, you can
draw some or all of the pension benefits you have built up –
helping you ease into retirement.
can still draw your wages/salary from your job on the reduced hours
or grade and continue paying into the scheme, building up further
you take flexible retirement before your normal retirement age your
benefits will be reduced to take account of being paid for longer.
How much your benefits are reduced depends on how early you draw your
benefits. Your employer may, however, determine not to apply all or
part of any reduction. You must have your employer’s consent for
the payment of your pension benefits under flexible retirement.
you are interested in Flexible Retirement and require more
information please refer to your employer’s policy or contact your
more information on retirement and taking your benefits please
Receiving a Pension
Once set up, your pension is paid into your bank account on the 25th
day of each month (or the working day immediately preceding the 25th
if this is not a working day) and we will issue you with a P60 every April.
If you are entitled to a lump sum, or you have chosen to convert some of
your annual pension into a lump sum, you will receive that after you have
For more information on your specific benefits please contact us or to
access your information (including your pay slip and P60) via member self service.
It is possible to pay your pension in to most overseas bank accounts. Please contact us for more details and to request the appropriate form.
Cost of living increases (Pensions Increase - PI)
Each April your pension may be increased in line with any cost of living increases that have accrued and you will be notified of any relevant change by the end of April.
A P60 is a certificate showing the pension paid and tax deducted during the previous tax year. We will send you a P60 in May each year, but if you need the cumulative totals of your gross pension payments and any income tax deductions before then, you can find these on your pay slip.