Deferred benefits

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When are my deferred benefits payable?

You usually take your benefits at age 65.  We’ll write to you at least four months before you reach your 65th birthday with details of your benefits.


Can I take my deferred benefits early?

Once you reach age 55, you can choose to take your benefits early, but they will be reduced because they are being paid early.

You may also be able to take your benefits early at any time due to ill health.  In that case, there is no reduction for early payment.


Taking your benefits early due to ill health

If, after leaving the RMPP, you later find yourself too ill to work, you might be able to take your benefits early on the grounds of ill health.  You wouldn’t have to wait until you’re age 55, provided we approve your application after considering the medical evidence. In these circumstances, we’d pay your benefits without any reduction.


Applying for early retirement

To apply for early retirement or ill-health retirement, please contact the Pensions Service Centre.


Leaving your benefits to grow

These are sometimes called ‘preserved benefits’.  You can leave your Cash Balance fund in the RMPP until you decide to retire or decide to transfer them elsewhere.

While your benefits remain in the RMPP, discretionary increases are targeted each year on the same basis as whilst you were an employee member.

Every year we will send you a ‘current value’ statement showing you the value of your Cash Balance benefits.