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What happens if I decide to work past my normal retirement age?

Glasgow University, Scotland

What happens to my pension benefits if I stop working when I reach age 62?

If you are a member of either of the Defined Contribution (DC) sections, your normal retirement age is 62. However, you can change your retirement age by completing a Selected Retirement Age Form. Further information can be found in the drop-down box below.

If you are a Defined Benefit (DB) member, your normal retirement age cannot be changed, but you can choose to take either early or late retirement with Company Consent. To find your normal retirement age for your section, please go to the Section information in the Library.

  • Can I continue working past my normal retirement date?

    Yes, the law now gives you the right to continue working beyond age 62. The Plan’s normal retirement age is set at age 62 under the Plan rules, but if you continue working after this date, you can retire later, if it is before age 75.

    If you plan to carry on working after your 62nd birthday, these are your options:

    • You may remain a contributing member of the Plan, building up further pension benefits and being covered for full death-in-service benefits. For Defined Contribution (DC) members, your pension pot will continue to be invested with Aviva and Defined Benefit (DB) members will receive a late payment increase that will be calculated on retirement.
    • You may stop paying contributions but keep your benefits in the Plan until you decide to draw them. In this case, you will not build up any more pension benefits in the Plan, and you will no longer be covered for full death-in-service benefits
  • Selected retirement age

    If you are a member of either the MP03 and AE Sections, you can choose an alternative retirement age at any time. Your pension illustrations, such as that provided in your annual benefit statement, will be based on your chosen selected retirement age (SRA). Choosing an SRA may also help with your financial planning.

    If you are investing in one of the lifecycle options, the SRA will also be used for the automatic fund switching process. Choosing an SRA will not affect your contractual employment rights in any way.

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