Normal retirement age
Age 65 (age 60 for leavers after 1 July 1992).
Deferred pension increase
The non-Guaranteed Minimum Pension (GMP) element of the deferred pension increases currently in line with inflation up to a maximum of 5% each year. The GMP element increases at a fixed rate depending on your date of leaving.
On death as a deferred pensioner
Your spouse/civil partner will receive a pension of 50% of your deferred pension calculated as at your date of leaving, revalued to your Normal Retirement Age (or age 60 if you are a post 1 July 1992 leaver).
You may exchange some pension for tax-free cash within statutory limits.
Early retirement generally allowed from age 55. In certain circumstances, it may be possible to retire from age 50. Please ask for more information if this is of interest to you.
A reduction will be made to take account of the fact that you will be receiving your pension for longer.
Once your pension comes into payment, the non-GMP element of your pensionable service prior to 6 April 1997 is increased by 3% each year.
The part that relates to post 5 April 1997 service will be increased each 1 January by inflation to a maximum of 5% and subject to a minimum of 3%.
The Plan will increase your GMP in line with the section increases above for women under age 60 and men under age 65.
Post 1988 GMP will increase by the lower of 3% per annum and the annual rise in inflation (currently measured using the Consumer Prices Index) for women over age 60 and men over age 65.
Death in retirement
If you are receiving a Plan pension and die within five years of retiring, your dependants will receive a cash sum. This will be the balance of five years’ pension payments, including increases after the date of death.
If you die after retirement your spouse/civil partner will receive a pension for life of 50% of your pension, calculated before any reduction if you took tax-free cash at retirement.
Your dependent children will be eligible for the following pensions based on your spouse’s pension as calculated above:
|Child||% of spouse’s pension|
|Pension payable to the oldest or only child||50%|
|Pension payable to the second child||25%|
|Pension payable to the third child||25%|
The pensions above are doubled in the event that there is no surviving spouse. The Trustee can vary how the children’s pension is shared.
Please note the Rules of the Plan are the binding documents of the Plan and will always override the information provided in this website. For deferred members the Plan Rules at the date of leaving are relevant.