The Plan provides an income (a pension) for you, which you can start to draw any time from age 55 (as long as your pension is at least equal to your Guaranteed Minimum Pension or GMP). Please note the minimum pension age is due to increase from 55 to 57 from April 2028.
You can ask for payments from the Plan to start before your Normal Retirement Date, if you wish. However, if you do this, there are two really important factors to consider:
- do you understand how your pension is reduced for early retirement?
- will you have enough income to enable you to retire early?
You can use the online portal to get an illustration of what your pension might be at various different retirement dates.
Once you’ve decided on the date you’d like to retire within the next 12 months, you’ll need to get a written pension quote, which provides details of your benefits. You can request a pension quote through the online portal or contact the Plan administrator, Capita.