Ready to retire?

We will contact you shortly before your reach your Normal Retirement Date to let you know how much you can expect to receive when you retire and what options are available to you.

You will receive forms that need to be completed, as well as detailing what documents you need to provide before your pension can be paid.

You can also find support to help you with financial decisions by visiting our managed retirement service or through our countdown to retirement page.
How much pension will I receive?

The amount of pension you receive will depend on when you joined and left the Scheme. You should also refer to your individual deferred benefit statement for details of your own pension entitlement and any special terms which might apply to you.

Can I take a lump sum?

Yes. When you retire you will have the option to exchange part of your pension for a tax free cash lump sum. This is known as a Pension Commencement Lump Sum.

When we write to you, we will let you know what your maximum lump sum is, and what your reduced pension will be if you do take the maximum amount.

If you don’t want to take the maximum amount, you don’t have to; you can choose any amount you like as long as it doesn’t exceed the maximum and if applicable, any minimum amount.

How is my pension paid?

Your pension is payable for life, and it usually start from the day you retire. Your pension will be paid directly into your bank account at the beginning of each month.

It will be paid for life, and in the event of your death, the final payment being the one paid immediately before your date of death.

Your pension is subject to income tax which will be deducted from your pension each month. How much tax you pay will depend on your personal circumstances

Can I retire earlier than my Normal Retiring Date?

You can currently retire at any time from age 55*, subject to Trustee agreement. You do not have to leave employment to take your benefits but any pension that you will receive will be subject to income tax alongside any earned income.

The pension you receive will be reduced for early payment to take account of the fact that it will be payable over a longer period of time. The amount of the reduction is reviewed from time to time based on the advice of the Scheme’s actuary.

If you unable to work because of ill health it may be possible to retire earlier than age 55 if you are able to provide satisfactory medical evidence.

* The minimum retirement age is increasing from age 55 to age 57 in the year 2028 and is then expected to be set at 10 years before State Pension Age.

Can I retire later than my Normal Retiring Date?

If you continue working beyond your Normal Retiring Date, you will have the following options:

  • you can take your pension on reaching your Normal Retiring Date and continue working; or
  • you may defer the payment of your pension until the date of your actual retirement or age 75 if earlier. Your pension will be calculated at your Normal Retiring Date but then be increased to take account of the period for which payment was postponed. The rate of increase is determined by the Trustees based on advice from the Scheme’s actuary. The rate of increase is reviewed from time to time to ensure it offers a fair value to members

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