Retirement

From age 55, if you reduce your hours or move to a less senior position, you may be able to start receiving some or all of the pension benefits you have built up even though you are still working. This can help you ease into retirement. You can still build up further pension contributions in the scheme. 

You must have your employer's permission for flexible retirement. 

Will my pension be reduced if I take flexible retirement? 

If you take flexible retirement before your normal pension age, your benefits may be reduced just as if you were retiring early. 

If you are interested in flexible retirement, please ask your employer what options they offer. 

Early retirement through redundancy or business efficiency 

If your employer makes you redundant or retires you in the interests of business efficiency and you are aged 55 or over, your pension will be paid immediately without reduction. 

The government has announced that the normal minimum pension age will increase to age 57 from 6 April 2028.