If you’re not taking benefits yet

This section explains when you can take your benefits, and your options for taking them.

When you can take your benefits

You can take your pension at any time after you turn 55. Most members start taking their benefits when they reach what the Fund calls their ‘normal pension age’. For most members this is 62, but for some members it’s different. If you’re not sure, contact our administrators. You can also start taking your benefits later than your normal pension age.

Retiring at your normal pension age

Your normal pension age is the age at which you can start taking your benefits without them being reduced for early payment.

Most members start taking their benefits when they reach their normal pension age.

For most people, their normal pension age is 62. If you’re not sure, contact our administrators.

Early retirement

You can ask to take your benefits as young as 55, or even earlier if your health is bad. If you do this, you’ll get less each year because we’ll expect to pay you over a longer period of time.

If you’ve been diagnosed with a terminal illness that means you have less than 1 year to live, known as ‘serious ill health’, you might be able to take all of your benefits as a cash lump sum.

If you want to take your benefits early, contact our administrators. They’ll tell you if this is possible and what benefits you can expect.

Late retirement

You do not have to take your benefits when you reach your normal pension age. You can delay taking your pension to a later date. The longer you wait, the more you’ll get each month. This is because we’ll pay you for less time than if you started taking your pension at your normal pension age or earlier.

If you want to take your benefits later, contact our administrators. You do not need our permission to take your benefits late. But if you do not tell us, your benefits will not increase every year with inflation, and any beneficiaries you nominate will have to pay inheritance tax on any benefits they might get when you die.

Your options

Everyone has 3 options for taking their benefits. You can take:

Any income you take will increase every year to help it keep up with rising prices (inflation).

Usually your spouse or civil partner will get a monthly income from the Fund when you die. You can make that income bigger by choosing a smaller income for yourself when you’re alive.

Some people have a fourth option: taking all of their benefits as cash.

You can only do this if:

• the value of your MNRPF pension is less than £10,000
• the total value of all your pension savings is less than £30,000 (not including the State Pension)
• you are 55 or older