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 left 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 options, and when you can retire

2A few months before you turn 60, we'll write to you with:

  • your final retirement quote; and
  • forms to complete.

If you left on redundancy terms, we will write to you before you turn 50 with this information.

3 Send the forms back with a copy of your birth certificate, and marriage certificate or decree of divorce if applicable
4 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 deferred pension from the Scheme immediately, without it being reduced for early payment.

What's the process?
1 Contact us and request an application pack

2The pack includes:

  • Process information
  • Forms
3 We'll ask your doctor for some information
4 You’re invited to a health assessment with a doctor trained in occupational medicine
5 The Medical Adviser to the Scheme considers the information and makes a recommendation to the Trustees
6 The Trustees or their delegates make a decision and will let you know the outcome
If
granted

If ill-health retirement is granted:

  • We write to you with a pension quote, your options and forms
  • You send the completed form back
  • We pay your pension on the 15th of every month
  • If you take a lump sum, this is paid from the first Friday after your retirement date

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 left 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 Contact us, if possible at least two months before you want to retire

3We will send you:

  • your options;
  • your quote; and
  • your forms
4 Send your completed forms back to us as soon as possible
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