Retiring

When can I draw my pension?

Your pension benefits from the Former CPS Members’ Benefits Structure of the Plan will generally come into payment when you reach your Pension age. You may retire early if you are prevented from working by ill-health if medical evidence is provided to the Trustee, or by your personal circumstances if the Lead Company agrees, or with Trustee consent if you leave the Plan before Pension age. You cannot draw your pension before age 55 unless you are in ill-health, see Leaving Service. Your Pension age will be the same as you had in the CPS.

Can I carry on working after my Pension age?

If you carry on in employment after your Pension age you will accrue further pension but will be required to pay contributions whilst you remain in service. Your benefits will come into payment immediately on leaving employment.

How do you pay my pension?

We will pay your pension into your bank account every month. We will deduct income tax in line with instructions from HM Revenue & Customs.

Will you increase my pension?

We will increase your pension every April in line with the rise in the Retail Prices Index (RPI).