Late Retirement
You do not have to take your pension when you reach your Normal Pension Date. You can leave your benefits in the Scheme, however, if you are an Active member you will stop building up any further pension and stop paying contributions into the Scheme.
If you choose to take late retirement, the pension you receive will be equal to the pension you would have received at your Normal Pension Date, increased by 6% for each year from your Normal Pension Date to the date you retire.
What do I need to do?
Request to take late retirement
You will need to contact the Administration team to request a quotation.
Once the Administration team has received your request (if you are active, this would be via your HR or payroll department), late 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
If you decide you would like to take your retirement benefits at this time, you should complete the paperwork you received 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
- 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.
