Not received your pack yet?
The normal pension age for the Plan is age 60. You can retire earlier than this, generally from age 55, or age 50 if you have a protected pension age.
Yes. Your pension will be reduced as it will need to be paid for longer.
You also have the option to transfer your benefits out of the Plan at any age. You can then access that money from age 55 and choose how to take it. You can find out more about transferring out here.
Unless you have a protected pension age, it will not be possible to access your benefits before age 55.
Remember, if you are planning to take your pension benefits earlier than your normal pension age and you choose to transfer out of the Plan, you will need to make sure you are happy to manage your investments through your retirement.
If you still work for the Company, you are unwell and a doctor has said you are unlikely to be able to work again, you may receive an immediate pension from the Plan based on your earnings at the date you retire due to ill-health.
In this instance, the Company will determine if this is paid based on evidence from your doctors.
Contact the Plan administrator directly for an up-to-date retirement quote and see an estimate of how much you could get from the Plan at the date that you’d like to retire.
Remember you’ll be receiving an illustration that shows you this in Spring 2020.