Retiring early

Main content

Retiring through ill health

If you retire through ill health, as long as you aren’t already taking your Age65 benefits, you’ll get the pension and lump sum you’ve built up so far, including the actual value of your Cash Balance fund (i.e. not reduced to reflect early payment) – get in touch with us to find out more.

In addition, you may receive extra payments from the Company – please contact your HR Service Centre to find out more.


Taking voluntary early retirement

After you’ve reached 55, your employer may allow you to choose early retirement.

If you do retire early, your benefits will be calculated based on what you have built up at the date of leaving. Your pension and lump sum (including your Cash Balance fund) will be reduced because they’re being paid early.

How does it work?

The reduction to your benefits will depend on different things, such as the age you retire and the years in which you earned your benefits. Specifically:

  • For benefits you earned up to and including 31 March 2010: Your pension and lump sum will only be reduced if you retire before you turn 60. The reduction will depend on the number of full and partial years between your actual retirement date and your 60th birthday.
  • For benefits you earned after 31 March 2010: Your pension and lump sum will only be reduced if you retire before you turn 65. The reduction will depend on the number of full and partial years between your actual retirement date and your 65th birthday.

Get in touch to find out more.

Benefits earned to 31 March 2012 are paid from the RMSPS. However, any increase in pre 2012 benefits in excess of statutory increases, attributable to increases in pensionable pay, will be paid by the RMPP.


See what you’re entitled to if you stop work sooner than expected

Some people have to retire because of ill health; others choose to retire early.

Whatever your circumstances, you’ll be entitled to your pension (with an option to convert some into a lump sum). Please bear in mind that, if you choose to retire early, your benefits earned up to that point will be reduced to reflect the longer time for which they are expected to be paid.