early retirement

The option of taking early retirement at any age from 55 is available with the consent of the Trustee.

The benefits available to you are the same as if you retired at the Fund’s Normal Pension Age (NPA – usually age 62 but may be different for some members), but your pension will be subject to a reduction for early payment, due to it being paid for longer than anticipated. The actual reduction will depend on your age when you retire and factors that have been set by the Fund’s Actuary.

If you are planning on retiring early, you should contact the Administration Team who will be able to provide you with a quote. You should request a quote at least 3 months before your intended retirement date to make sure there is plenty of time for you to make your retirement choices.

If you are entitled to GMP, the Fund is required to provide you with a pension of at least your GMP at GMP Age and this may restrict the benefits you can choose at retirement:

  • You may not be able to retire early, or as early as you would like, if after reduction for early payment your pension is not enough to cover your GMP at GMP age


  • The amount of tax free cash may need to be restricted to make sure your pension is enough to cover your GMP at GMP age

The Fund provides access for members to the Pension Decision Service (PDS) which offers guidance on the retirement options available to you. You will be sent information on the PDS as part of retirement quotes issued to you. You can find out more information here.