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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). If you are a post- June 1988 leaver, a reduction may be applied to the pension if your spouse/civil partner is more than 11 years younger than you. A lump sum is also payable of any transferred-in employee contributions.


At retirement

You may exchange some pension for tax-free cash within statutory limits.

Early retirement is 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.


Pension increases

Once your pension comes into payment, it will be increased each 1 January as follows:

Pension relating to service prior to 6 April 19973%
Pension relating to service post 5 April 1997The lower of 5% and the rise in inflation (subject to a minimum of 3%)
Pension increases table

Before you reach GMP age (60 for women and 65 for men), the Plan will increase any GMP in line with the section increases above.

After you reach GMP age, 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).


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. If you are a post- June 1988 leaver, a reduction may be applied to the pension if your spouse/civil partner is more than 11 years younger than you.

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 child50%
Pension payable to the second child25%
Pension payable to the third child25%
Death in retirement – Pension payments payable to to dependent children

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.


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