About retirement
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.
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.
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.
Retiring from the Scheme
What's the process?
1Visit My Retirement Planner at any time to understand more about your retirement benefits and when you can retire.
- 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.
4Shortly before your retirement date, we'll send you:
- a final retirement quote and your options; and
- forms to complete and return.
Ill health
If you’re seriously ill and unable to work, you may be able to receive your pension early.
What's the process?
Ill-health pension:
- If you can’t carry out existing duties, you’ll receive a pension based on your completed Pensionable Service plus half of the remaining period up to age 65
- If you can’t undertake any employment, you’ll receive a pension based on your completed Pensionable Service plus the future Pensionable Service you would have accrued if you stayed in employment until 65
Terminal illness:
If your life expectancy is less than 12 months, you could surrender all of your ill-health pension for a lump sum
Early retirement
If you retire between 55 and 59 there will be a reduction in the amount you receive. You can take your pension from 60 without a reduction in your benefits, or from 50 if you leave because of redundancy. Visit My Retirement Planner to find out more.
There are different processes if you want to retire early due to ill health.
What's the process?
412 months before your early retirement, we'll write with details of:
- your Scheme benefits
- your retirement options