Retiring early


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.

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Retiring through ill health

If you retire at any age through ill health, you’ll be eligible to receive the actual amount of the Cash Balance benefit you’ve built up to that point – i.e. not reduced to reflect early payment.

The Company decides whether you meet the test for ill health.  Broadly, it requires a permanent inability to do your job based on a medical opinion.

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

Taking voluntary early retirement

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

If you do retire early, the benefits built up to date in your Cash Balance fund will be reduced because they are being paid early.

Get in touch with us to find out more.