Voluntary early retirement
If you decide to take your benefits before Normal Retirement Age and you have at least 5 years' Qualifying Service you may do so, after age 55, if agreed by the Company. Your benefits will be worked out in the same way as for retirement at normal retirement age (see the 'your benefits at retirement' page), but will be based on your Reckonable Service at the date of leaving employment. Your pension and lump sum would be reduced for early payment on a basis determined by the Actuary.
The reduction applied to your pension for early payment will depend on how old you are when you retire and the proportion of your benefits (before reduction) relating to Reckonable Service before 1 April 2010, as follows:
- Your pension and lump sum for Reckonable Service up to and including 31 March 2010 will be paid without reduction if you retire on or after your 60th birthday.
- If you retire before age 60, the part of your pension and lump sum relating to your Reckonable Service up to and including 31 March 2010 will be reduced by a factor (calculated by the Actuary) related to the number of years (and part years) between your actual retirement date and your 60th birthday.
- All of your pension and lump sum relating to Reckonable Service after 31 March 2010 will be reduced if you retire before age 65 by a factor (calculated by the Actuary) related to the number of years (and part years) between your actual retirement date and your 65th birthday.
- Pension and lump sum relating to Reckonable Service after 31 March 2010 will be paid without reduction if you retire on or after your 65th birthday.
If your reduced pension does not cover the Guaranteed Minimum Pension (GMP), your benefits will not be paid until they are at least equivalent to the GMP at GMP payment age.