When can I draw my pension?

You must be at least age 55 to retire.  Your pension benefits from the Defined Contributions Structure of the Plan will generally come into payment when you choose to retire.  When you retire you can use your accumulated fund to do a combination of the following: take some of it as cash and use the remainder to buy yourself an extra pension by purchasing an annuity contract with an insurance company.  You have the choice of who provides your retirement income and you can shop around so that you can choose the annuity that best suits you; transfer your accumulated fund to an external pension provider and continue to invest it or use it to fund a flexi-access drawdown arrangement; and/or use your accumulated fund to provide a cash lump sum in certain circumstances.  If you have any questions on these retirement options, please see the "Frequently Asked Questions" for all members of the New Joiners Benefit Structure or contact the DC Plan Administrator (tel: 01733 353 414; email:

You may retire early after age 55 if you give written notice to the Trustee of at least one month. You must confirm that you wish to retire from the Plan and be paid your pension via an annuity or alternative option that you select. If you retire early, it is likely that your Investment account will be lower than if you had remained in service until Pension age as fewer contributions would have been made and they would have been invested for a shorter period. Your pension will also be more expensive as the insurance company will expect to pay it for a longer period.  The Government has issued guidance to all DC members thinking about retiring.  It explains the process you'll go through and the decisions you need to make to get the best retirement income.  Please click this link to view the guidance booklet.

Can I carry on working after my Pension age?

If you carry on in employment after your Pension age you will pay contributions whilst you remain in service. Your employer’s contributions will also continue during this time.