Early retirement

You can currently retire from the Scheme as early as age 55, although the government has announced that this will increase to age 57 from 2028.

If you retire between age 55 and 59, your benefits will be reduced for early payment – this means there will be a reduction in the amount of pension you receive.

If you retire early and take your benefits before you reach State Pension age, you have the option to ‘Bridge the Gap‘.

Visit My Retirement Planner at BWebstream to find out more about when you can retire and how this affects your annual pension.

There’s a Q&A about My Retirement Planner that explains more about the services it provides.

There are different processes if you want to retire early due to ill health.

What’s the process?

1. Visit My Retirement Planner at Member Self-service at any time to understand more about your retirement benefits and when you can retire

2. Tell your line manager and HR in good time and in line with your notice period

3. Up to 12 months before your retirement date, give your resignation notice

4. 12 months before your early retirement, we’ll write with details of:

your Scheme benefits
your retirement options

5. Two months before your retirement date we’ll send you a final retirement quote and forms to complete

6. Return these with your birth certificate, and marriage certificate or decree of divorce, if applicable

7. We’ll pay your pension on the 15th of the month once you’ve retired. If you’re taking a lump sum this is paid as soon as possible after your retirement date.