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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.

2 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.
3 Let us know your plans as early as possible before you wish to retire

4Shortly before your retirement date, we'll send you:

  • a final retirement quote and your options; and
  • forms to complete and return.
5 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

Ill health

If you’re seriously ill and unable to work, you may be able to receive your pension early.

What's the process?
1 Discuss it with your line manager and HR
2 Agree to take your application forward
3 An Employee Relations Case Management Specialist will guide and support you through 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?
1 Visit My Retirement Planner at any time to understand more about your retirement benefits and when you can retire
2 Tell your line manager and HR in good time and in line with your notice period
3 Up to 12 months before your retirement date, give your resignation notice

412 months before your early retirement, we'll write with details of:

  • your Scheme benefits
  • your retirement options
5 Two months before your retirement date we'll send you a final retirement quote and forms to complete
6 Return these with your birth certificate, and marriage or decree of divorce if applicable
7 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