If you don’t feel ready to retire at your Normal Retirement Date (age 65), or you’d prefer to wait a little while longer to boost the income you’ll receive in retirement, you have the option to keep your pension benefits in the Scheme and retire later. However, you must start taking your pension before you reach the age of 75.
Your pension will normally be increased to reflect the delay in payment past your Normal Retirement Date.
You can email the Scheme Administrator to ask for a retirement quote so you can see how much you could get from the Scheme at the date that you’d like to retire.
When you come to retire, you’ll have access to the same options you have at your Normal Retirement Date, including:
If you haven’t started to take your pension benefits from the Scheme, we’ll write to you when you’re nearing age 75 to explain your options.
A financial adviser will be able to help you understand the implications of retiring later than your Normal Retirement Date.