Retirements and Redundancies (Aged 55 or Over)

The Scheme's Normal Retirement Age (NRA) is linked to the member's state pension age (or 65 if earlier). If a member continues working beyond their NRA, they can stay in the Scheme but they must draw their benefits by age 75. Benefits drawn after NRA will be increased.

Members can choose to retire and draw benefits from age 55, although the value will be reduced to allow for the early payment. The earlier the member draws their pension, the larger the reductions will be.

Employer Costs

There are no employer costs relating to voluntary early retirement from an active status. Although the situation may be different for flexible retirement (see below) and for drawing benefits from deferred status.

For any members who meet the rule of 85, if they decide to take their pension benefits before age 60 they will lose some of their rule of 85 protection unless the employer agrees to allow them to keep it by exercise a discretion from their discretion policy; this will normally create a cost to the employer.