If you are aged 55 or over, you can take early retirement from the Scheme with consent from the Trustee.
Please note – if you were an active member of the Scheme between 10 December 2003 and 6 April 2006, you have a minimum retirement age of 50.
If you do decide to retire earlier than your normal pension age, the benefits you have built up will be reduced to account for the pension being paid for longer than expected.
You can request a retirement quote from Mercer.
Tax-free lump sum
If you joined the Scheme prior to 1 April 2018 you will be entitled to a lump sum equivalent to three times your pension, which is paid tax-free when your pension starts. In most cases, you will be given the opportunity to take a tax-free lump sum or an additional amount of tax-free cash.