Taking my benefits

You might be at a stage where you should start thinking about how you want to take your hard-earned money in retirement. If you’re already receiving your money, then there are some other things you should take note of.

Looking to retire?

You can take early and flexible retirement, and tax-free cash.

The Scheme’s normal retirement age is now linked to your State Pension Age for both men and women. The Scheme provides you the flexibility to retire and take your benefits from anywhere between age 55, right up to the eve of your 75th birthday.

Early retirement

You can choose to retire from age 55 without permission from your employer. If you choose to retire before your normal retirement age, your benefits will be reduced to take account of being paid for longer. How much your benefits are reduced depends on how early you retire.

Late retirement

If you choose to carry on working after age 65 you will continue to pay into the Scheme, building up further benefits. You can receive your pension when you retire or when you reach the eve of your 75th birthday, whichever comes first.

Flexible retirement

Rather than staying at work until your normal retirement age or beyond, you may wish to consider the possibility of flexible retirement. From age 55, if you reduce your hours or move to a less senior position, and provided your employer agrees, you can take some or all of the pension benefits you have built up – helping you ease into retirement.

You can still take your pay/salary from your job on the reduced hours or grade and continue paying into the Scheme, building up further benefits.

If you take flexible retirement before your normal retirement age your benefits will be reduced to take account of being paid for longer. How much your benefits are reduced depends on how early you take your benefits. Your employer may, however, decide not to apply all or part of any reduction. You must have your employer’s consent for the payment of your pension benefits under flexible retirement.

If you’re are interested in flexible retirement and need more information please refer to your employer’s policy or contact your employer direct.

Receiving a pension


Once set up, your pension is paid into your bank account on the 20th day of each month (or the working day immediately preceding the 20th if this isn’t a working day) and we will send you with a P60 every April.

If you’re entitled to a lump sum, or you’ve chosen to convert some of your annual pension into a lump sum, you’ll receive that after you’ve retired.

Overseas payments

It’s possible to pay your pension in to most overseas bank accounts.

Cost of living increases

Also known as a pension increase. Each April your pension may be increased in line with any cost of living increases that have accrued, and you’ll be notified of any relevant changes by the end of April.


A P60 is a certificate showing the pension paid and tax deducted during the previous tax year. We will send you a P60 in May each year, but if you need the cumulative totals of your gross pension payments and any Income Tax deductions before then, you can find these on your payslip.


We’ll send you a pay advice in each month to your home address. You can also find copies of these on your pension record by logging into member self-service.

Visit the Contact details page if you have any questions on retirement or taking your benefits.