From age 55 and with your employer's permission, you can reduce your hours or pay grade and begin to draw some or all of your pension benefits.
If your employer agrees to flexible retirement you would need to draw:
If you take flexible retirement before your Normal Pension Age, your benefits will normally be reduced for early payment. If you take flexible retirement after your Normal Pension Age your benefits will be increased due to late payment.
Each employer has their own policy on flexible retirement so you will need to contact them first for further information.
Yes, with the pay you continue to receive from your employer at your reduced hours or grade, you can pay in and build up further pension benefits.
You can retire on ill health at any age provided you have been a member of the pension scheme for at least 2 years and your employer, based on the opinion of an independent occupational health advisor is satisfied you are permanently incapable of doing your job.
There are 3 types of ill health retirement and your employer will decide you level of ill health benefit after consultation with an approved medical advisor.
Gainful employment is defined as paid employment for no less than 30 hours per week for a period no less than 12 months.
If you are paying Additional Pension Contributions (APCs), Shared Cost APCs, Additional Regular Contributions or Added Years and you retire on Tier 1 or 2 ill health, you will be credited with all the extra pension (or service for Added years) you set out to buy, even if you have not completed full payment.
If you are paying Additional Voluntary Contributions (AVCs), your contributions will cease and you can use your AVC fund to buy:
You should speak to your employer first to arrange a medical assessment. We are unable to give out Tier 1 ill health retirement estimates but you can find out what you could get under Tier 2 ill health by using the ill health retirement calculator available on My Pension.
If you are 55 and over, and you lose your job on grounds of redundancy or business efficiency you pension will be paid immediately. For those who have been in the scheme continually since 5 April 2006, your pension can be paid from age 50 in these circumstances.
Your main pension benefits will not be reduced. However any extra pension purchased through:
would be reduced if redundancy retirement happens before your Normal Pension Age.
Normal Pension Age differs depending on when you were paying in:
You cannot take your pre and post April 2015 benefits separately. They must be taken at the same time.