Retiring from Pensionable Service before Normal Retirement Date
(except on medical grounds)

You may be permitted to retire at any time after the age of 55 and receive an immediate pension, subject to the Trustees’ and Company consent.

Core Pension
If you retire early, your Core Pension will be reduced by a factor to account for the extra years over which your pension will be paid. The early retirement reduction factors are agreed between the Company and the Trustees on advice from the Scheme’s Actuary. They are reviewed periodically and may change from time to time.

Retirement Account
Your Retirement Account can normally be taken as a tax free lump sum. Alternatively it will be converted into a Scheme pension using the Pension Rate applicable when you retire. Alternatively, you may purchase a pension (which is called an annuity) from an external provider eg an insurance company and the Trustees have appointed Hargreaves Lansdown to help you choose an appropriate annuity if you wish to consider this option.