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. If you want to continue to pay into a pension scheme while you’re still working, you can contribute to the DC section of the Scheme.
For more information, contact Barnett Waddingham.