As a deferred member you can do one of the following:
1. Retire on reaching your normal pension age (NPA); your NPA is determined by when you stopped being a contributing member of the scheme. If you stopped your contributing membership:
- before 1 April 1998 - your NPA is the point at which you would have built up 25 years’ qualifying service and would be at least age 60 (maximum age 65)
- before 1 October 2006 (but joined before 1 April 1998) - your NPA is the point at which you would have built up 25 years’ qualifying service and would be at least age 60 (maximum age 65)
- before 1 April 2014 - your NPA is 65
- on or after 1 April 2014 – your NPA is the later of your state pension age (SPA) or age 65 (though benefits built up to 31 March 2014 will retain the old NPA of 65).
We will contact you before your NPA to confirm your retirement options.
2. Retire from age 55 if you left:
- after 31 March 2014 - you can retire by giving notice to the Pensions Team.
- before 1 April 2014 - if you have not reached age 60 you can ask your former employer if they will agree to the payment of your retirement benefits. Once you reach age 60 you will no longer require your former employer’s consent to the payment of your benefits and you can retire by giving notice to the Pensions Team.
If you choose to retire before you reach your NPA there may be a reduction to your benefits due to the early payment of your benefits.
3. Apply to retire at any age due to permanent ill health. The right to the payment of your pension on ill health is subject to an assessment by an Independent Registered Medical Practitioner and you will be asked to attend a medical review before an ill health pension is granted. You can send an application for ill health retirement to your employer.
On retirement you will receive:
- a pension for life
- a tax-free pension commencement lump sum if you had service before 1 April 2008.
You will also be given the opportunity to convert some of your pension to a lump sum to increase your tax-free pension commencement lump sum; this is known as commutation.
The amount of lump sum you could receive is determined by multiplying each £1 of pension you give up by 12. There are limits on the amount of pension you can commute and take tax-free. Full details of your commutation options will be provided with details of how to elect to commute your pension when you come to retire.