Early retirement – on request

You may normally retire before your Normal Retirement Date if you meet all of the following conditions:

  • You are aged 55 or more; and
  • The Company gives its approval.

Your pension will be reduced by factors decided by the Trustee as advised by the Scheme Actuary to take account of the fact that you are being paid early and for a longer period of time.

If you have Pensionable Service between 6 April 1978 and 5 April 1997 the pension you receive from the DB Section in respect of this period must be at least equal to your GMP. If your early retirement pension is not expected to be at least equal to your expected GMP at GMP Pension Age your early retirement options may need to be restricted.

You can find more information about how to retire before your Normal Retirement Date in the Early retirement How to Guide which can be found in the How to Guides section of this website.