Your deferred pension can be paid at any time after the first day of the month following your 55. If you take your Core Pension early it will be reduced to allow for the extra years over which your pension will be paid. The level of reduction will be agreed between the Trustees and the Company, who will be advised by the Scheme’s Actuary.

Your Retirement Account will normally be paid as a tax free lump sum or used to purchase a Scheme pension by applying the Pension Rate applicable to your age at retirement. 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.