From age 55 you can choose to access your deferred benefits.
In the meantime your deferred benefits will keep pace with inflation.
If you are thinking about retirement, you may find our factsheet helpful.
You will have the option to take part of your benefits as a lump sum.
Your benefits depend on your normal pension age(s):
- you can retire and receive your benefits in full from your normal pension age
- your benefits will be reduced if you access them before 60
- your benefits may be reduced if you access them after 60 but before your normal pension age and you do not have protection under The Rule of 85.
Your normal pension age is 65 for any benefits you built up before 1 April 2014.
For the pension you build up from 1 April 2014, your Normal Pension Age is not fixed at age 65 but, instead, is the same as your State Pension Age (but with a minimum of age 65).
You will follow a similar process to that for retiring employees to access your deferred benefits, contacting us rather than your former employer.
Your benefits can be paid out before 55 if you would be permanently unable to do the job in which you built up your deferred benefits. The first step is to contact us. We will ask you to complete the appropriate form and obtain your permission to access your medical records.