Retirements - Defined Benefit Structures
The details provided here are relevant to members of the Defined Benefit structures of the scheme.
The retirement process for members of the Defined Contribution structure is quite different. Details are provided under the Defined Contribution area of the website.
When a member is due to retire at Normal Pension Age (NPA)
For a member approaching NPA please submit a Withdrawal Form three months prior to the retirement date. The Pensions Trust will then liaise directly with the member and provide details of the options available.
If you also want to know what these options are, please inform The Pensions Trust when you send the form.
Please note that we cannot pay any benefits without a completed Withdrawal Form.
When a member retires before NPA (Early Retirement)
The earliest age from which a pension may be taken has been increased by law to age 55 from April 2010. If the pension is claimed prior to age 65 it will be reduced to reflect early payment. The pension will be smaller than it would be at age 65 because:
• the member will have been in the Scheme for a shorter period; and
• early retirement pensions are expected to be paid for longer.
Please note: Benefits earned in respect of service prior to 1 April 2002 (including service transferred from another scheme) will be unreduced from age 60. This reflects the previous rules enabling flexible retirement between ages 60 and 65.
If the member decides to retire early, please notify The Pensions Trust who will then send the member information about their retirement options.
Complete the Withdrawal Form as soon as possible and send it to The Pensions Trust if the retirement is to go ahead. The Pensions Trust will then liaise directly with the member.
When a member retires after NPA (Late Retirement)
If still employed, members can continue contributing to the Scheme after NPA.
For more information, please refer to our Employer Administration Guide - Defined Benefit, click here.
When a member has to retire because of ill-health (Ill-Health Early Retirement)
Inform The Pensions Trust as soon as it seems likely that a member may need to retire early because of ill-health. Guidance on eligibility for early pension benefits is available on request.
The Pensions Trust will send a questionnaire for you to complete and return. We will also ask the member concerned to complete and return a form giving consent for The Pensions Trust to contact their doctor for a medical report.
Once the ill-health retirement is approved, The Pensions Trust will need a completed Withdrawal Form. The ill-health pension is payable from the day after the ‘date of leaving’ notified on the form.
Ill-health pensions are reviewed periodically to check a members continued eligibility to receive benefits.
For more information, please refer to our Employer Administration Guide - Defined Benefit, click here.