Taking my benefits

Looking to retire?

You can take early and flexible retirement, and tax-free cash.

The 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 birthday.

Early retirement

You 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.

Late retirement

If you 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.

Flexible retirement

You 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.

You can still draw your wages/salary from your job on the reduced hours or grade and continue paying into the scheme, building up further benefits.

If 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.

If you are interested in Flexible Retirement and require more information please refer to your employer’s policy or contact your employer direct.

For more information on retirement and taking your benefits please contact us.

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 retired.

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.

Overseas Payments

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.

You can also find a copy of your p60 via member self service.

Pay slip

We will send you a pay advice each month to your home address. You can also find copies of these on your pension record by logging into member self service, MSS.

This website uses cookies to provide features necessary for the website to work. It also uses cookies to measure performance and provide anonymous analytics to help us improve the website. For more information read our Cookies & Privacy policy.