Retiring from Pensionable Service before Normal Pension Age
(except on medical grounds)

You may be permitted to retire at any time after the age of 50 and receive immediate benefits. For BMARC members this is subject to Trustee and Company consent and the earliest you can retire is age 55.

Crown Service and 1984 members
If you retire early, your pension (and additional tax free cash sum if a Crown Service member) can be reduced by 4% for every year they are taken before the Normal Pension Age in force at the time the benefit was earned.

BMARC members
If you retire before age 60, your pension will be reduced to account for the extra years over which the pension will be paid. The early retirement reduction factors are determined by the
Trustees on advice from the Scheme’s Actuary. They are reviewed periodically and may change from time to time. No reduction is applied to pension earned prior to 1 April 2006 if you are aged 60 or more when you retire.

Note
If you retire from Pensionable Service, you must also leave the employment of the Company.