When can you retire?
When you retire, you’ll receive a regular income (a pension) from the Scheme. This is based on your final pensionable salary and the number of years you’ve been a member of the Scheme. You can retire earlier or later than your Normal Retirement Age (NRA). Once you reach your NRA, you can take your pension without it being reduced for early payment. If you don’t know your NRA, please contact Mercer.
Early retirement
You can choose to retire earlier than your NRA. If you’re still in active service, you can take your pension from age 50, otherwise from age 55. If you do choose to retire early, the amount you’ll receive will be reduced as your pension is likely to be paid for a longer period of time.
A reduction to your pension is age related. If you’re considering retiring early, and need accurate figures please contact Mercer, the Scheme administrator, for a quotation.
Late retirement
If you’re still working you can take your pension later than your NRA and your pension will accrue benefits until you retire. The amount you receive will be increased to reflect the fact that it will be paid for a shorter time.
You must take your pension before age 75.