Your deferred pension will normally become payable at your Normal Retirement Date. However, with the Trustee’s consent, it may be paid early:
• From age 55; or
• On the grounds of ill-health subject to appropriate medical evidence.
A reduction may be applied for early payment.
You will have the same options of taking part of your pension as a tax-free lump sum and providing extra pension for a Dependant(s).
Once payment starts, your pension will be increased in the same way as described in the Pension increases section of this website.
If you wish to defer the commencement of your pension to a later date, you will need the permission of the Trustee. If you defer the commencement of your pension, your pension will be increased by a factor decided by the Trustee as advised by the Scheme Actuary to make up for the late payment of your pension.