YOUR SCHEME WORKING FOR YOUR FUTURE

Retirement

On retirement you will normally be able to choose the form in which you take your benefits. You may choose either:

  • A pension for life.

or

  • A reduced pension, payable for life, plus a cash lump sum.

Retirement falls into one of the following categories:

Early Retirement

You may apply for early payment of your Deferred Pension at any time from age 55 onwards, provided you have 5 years Qualifying Service (or if your Qualifying Service plus the time since you left active service is at least 5 years).

In this case the current value of your Deferred Pension will be reduced for each month that you retire before your Normal Retirement Date (a part of a month counts as a whole month).

At retirement you will have the opportunity to exchange some of your pension for a cash lump sum.

Normal Retirement

Your Deferred Pension will become payable from your Normal Retirement Date. Your Normal Retirement Date is defined as the end of the month in which you attain the following age:

  • 65 for males
  • 65 for females who left on or after 23rd March 1991
  • 60 for females who left prior to 23rd March 1991

Special rules apply to Old Section members who could have completed 40 years pensionable service in the Scheme. In this case, your pension would be payable unreduced from the later of age 60 or the date you would have achieved 40 years. The Scheme will contact you at the last known address on our records, approximately 2 months prior to your Normal Retirement Date with full details of the options available upon retirement.

Late Retirement

The Trustees of the Scheme also allow deferred members, to postpone the taking of their benefit beyond their Normal Retirement date.

During the period of Late Retirement, the deferred pension will be revalued annually with an actuarial uplift being applied as at the actual date you decide to take payment.

Ill-Health Retirement – Not applicable to 2007 Section Benefits

If you have a Deferred Pension in the Scheme and you are unable to work because of ill-health/disability (which is established as being likely to persist) you may be able to apply to the Trustees for payment of your pension to commence early.

Please contact the Funds office if you require further information in respect of your retirement options.