Early Retirement
You can choose to retire before your Normal Pension Date. The earliest date you can retire from will depend on whether you are an Active or Deferred member of the Scheme.
If you are an Active member:
You can retire at any age from your 50th birthday, provided the Company agrees.
If you are a Deferred member:
You can retire at any age from your 55th birthday.
If you decide to retire before your Normal Pension Date, the level of pension you receive will be less than the amounts you would have received at your Normal Pension Date.
What do I need to do?
Request to take early retirement
If you are an Active member:
You will need to contact your HR or payroll department, to request an early retirement quotation.
If you are a Deferred member:
If you are a Deferred member, you will need to contact the Administration team to request a quotation.
You will receive early retirement figures
Once the Administration team has received your request (if you are an Active member, this would be via your HR or payroll department), early retirement figures will be calculated and sent to you, along with details of the retirement options available and any paperwork that you are required to complete should you want to go ahead.
Confirming your choice
Once you have reviewed the early retirement pack, if you would like to go ahead, complete the paperwork and send it back to the Administration team. You will then receive confirmation of the date your chosen retirement benefits will be paid.
Things to consider
- If you are a UK tax payer, you may have to pay tax on your retirement income.
- You will have had fewer years to accrue benefits, so the pension available will be smaller than if you had retired at your Normal Pension Date.
- A reduction will be applied to your pension as it will need to provide you with an income over a longer period of time.
- The earliest you can receive your State Pension is when you reach State Pension Age but you can consider deferring it. Visit the www.GOV.UK website for more information.
