On reaching your Normal Retirement Date you will be paid an income for the rest of your life. The amount you receive will be based on the number of years and months you were a member of the Fund (up to 31 December 2016), your Pensionable Salary and your accrual rate (the proportion of your Pensionable Salary you will receive as a pension for each year of membership). Benefits for Special Section members may be subject to the Maximum Benefits Rule.
For more information about your options for retiring at your Normal Retirement Date, please contact Barnett Waddingham.
Retiring early
If you decide to retire earlier than your Normal Retirement Date, your pension may be reduced to reflect the fact the Fund will be paying your pension to you for longer.
You can take benefits from your Account at any time on or after your 55th birthday (or age 50 if you joined the Fund before 6 April 2006). You can do this whether or not you continue to work.
The earliest age at which you can retire will increase to age 57 in 2028 unless you have a protected minimum pension age. More information on how this affects the Fund will be provided in the future once more details are known.
Ill health early retirement
If you wish to discuss ill health retirement benefits, please contact Barnett Waddingham in the first instance.
Retiring late
If you decide to retire later than your Normal Retirement Date, your pension may be increased to reflect the fact the Fund expects to pay your pension for a shorter period.
If you’re an active member of the Fund and the Company agree to you working past your Normal Retirement Date, your salary link to the Fund will stop, meaning you’ll become a deferred member of the DB Section of the Fund. You’ll receive a pension when you retire from the Company, or 75 if earlier.
For more information, contact Barnett Waddingham.