On medical grounds
You may retire on the grounds of Incapacity at any age with an immediate pension, subject to the consent of the Trustees and the Company. Your pension will be calculated in the same way as the normal early retirement pension except that the Trustees can chose not to apply the early retirement factor.

Note
No additional benefits are provided for retirement on the grounds of Chronic Ill-health.

Except on medical grounds
You may be permitted to retire not more than 5 years before your Normal Retirement Date and receive an immediate pension, subject to the consent of the Trustees and the Company. Consent will not be given if you are under age 55 due to HMRC rules.

The formula for calculating your early retirement pension is:

Lesser of: Accrued Pension OR (Pensionable Service up to date of leaving / Prospective Pensionable Service) x Prospective Pension plus Any Transfer-in Pension.

This amount is then multiplied by the early retirement factor applicable at that date to give your early retirement pension.

Notes
Prospective Pensionable Service is the Pensionable Service you would have completed if you had remained in service to your Normal Retirement Date.

Your prospective pension is the pension you would have received if you had remained in Pensionable Service until Normal Retirement Date. This is based on your actual Final Pensionable Earnings at the date of your early retirement and your current category of membership.

If your category of membership has changed and you retire after the Normal Retirement Date applicable to your previous category, the above early retirement reduction will not apply to the pension earned before your change in category.