Deciding when to take your benefits

Caragh Lake, County Kerry, Ireland

Although there is a normal retirement date for each section of the Plan, you have control over when you choose to start taking your benefits.

Defined Benefit (DB) members

Your normal retirement age depends on which section of the Plan you are a member. Click here for your section information.

Early retirement is possible from age 55 subject to Company consent. A reduction will be made to take into account you will be receiving your pension for longer.

If you do not put your pension into payment at your normal retirement age, it will be increased each year on the advice of the Plan Actuary.

Defined Contribution (DC) members

The Plan’s normal retirement age is 62, however, if you are a member of the Money Purchase 2003 (MP03) Section or Auto Enrolment (AE) Section, you can choose a different retirement date between the ages of 55 and 74. This can be done by completing a selected retirement age (SRA) form.

It’s good to let us know when you are thinking of retiring because if you are invested in any of the lifecycle options, your SRA will determine when your funds are switched as you get closer to retirement. Click here for more information.

The Aviva’s Shape My Future tool can help you work out how much you might need in later life and the difference saving a little extra now could make. Click on the link below to find out more:

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