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If you do not feel ready to retire at your normal pension age, or you would prefer to wait a little while longer to boost the income you receive in retirement, you have the option to keep your pension benefits in the Plan.
Please note that you will need to apply to the Trustee for late retirement.
If approved by the Trustee, your pension (over and above any Guaranteed Minimum Pension or GMP) from the Plan will increase for each year you delay payment past your normal pension age. Plus, the increases to pensions in payment will be applied. You can find out more about how your pension is increased here.
When you come to retire, you will have access to the same options you have at your normal pension age, including:
If you delay your retirement and have not yet started to take your pension benefits from the Plan when you are nearing age 75, we will write to you to explain your options.
Yes, subject to the discretion of the Trustee. You can find out more about your options if you transfer out here.
If you are thinking of transferring out and your transfer value is £30,000 or over, you must speak to a financial adviser.