The Fund’s Normal Retirement Age (NRA) is age 65, but 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 Government proposes to increase the earliest age at which you can retire to age 57 in 2028. More information on how this affects the Fund will be provided in the future once more details are known.
It’s important to note the earlier you take your benefits, the lower the value of your Pension Account is likely to be and therefore it’s likely that the pension you’ll be able to buy with your Pension Account will be lower. This is because your Pension Account has had less time to build up and the cost of buying a pension is more expensive when you’re younger as it is likely to be paid over a longer period of time.
HM Revenue & Customs (HMRC) may allow you to take benefits earlier if you’re unable to work due to certain circumstances of serious ill health.
Visit Fidelity to find out more about your options.
Ill-health early retirement
If you’re unable to continue working due to long-term serious ill-health or disability you may be eligible to claim benefits from our separate disability insurance fund. You may also be able to retire at any age from the Fund provided you satisfy certain medical requirements and use your Pension Account to provide pension benefits; this may require our consent.