Early Payment of Deferred Pension

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Your deferred pension can be paid any time after the first day of the month following your 55th birthday (50th birthday if you left the Company at the Company’s request), subject to the consent of the Trustees or the Company, unless you are suffering from ill-health in which case it may be paid earlier subject to certain conditions. If you take your pension early it will be reduced to allow for the extra years for 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 2000 Plan’s Actuary.  The early retirement factors used for early payment of deferred pension are made available below for guidance only. 

Discretionary Option in the event of ill-health
The Trustees have the discretion to apply a smaller reduction to your deferred pension if you are able to demonstrate that you are suffering from physical or mental impairment such that you will be permanently unable to undertake any regular work for any employer. The 2000 Plan’s Medical Adviser will provide a report for the Trustees, and you will be asked to complete a form authorising the release of your medical records to support this.

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pdfDeferred early payment factors 13.00KB 28/01/2009 Download