If the Trustees agree, you may be able to elect to receive the pension starting later than your Normal Retirement Date but not later than your 75th birthday. Your Core Pension will increase between Normal Retirement Date and the date that you actually retire by a factor agreed between the Trustees and the Company, who will be advised by the Scheme’s Actuary.

Your Retirement Account will be 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.