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Drawing your benefits

Normal pension age for your deferred benefits is:

  • 65 for the benefits you built up before 1 April 2014, and
  • 65 or your State pension age if later for the benefits you built up from 1 April 2014.

If you draw your deferred benefits at normal pension age, there will be no early retirement reductions. But you don’t have to wait until then - you can ask us to pay your deferred benefits early as follows:

Choosing to draw deferred benefits at 55-59

In this case we will reduce your benefits by a percentage, to reflect the fact that we will be paying them for longer. 85 rule protection does not apply in this case, unless your former employer chooses to switch it back on, which is unlikely.

Choosing to draw deferred benefits at 60 onwards

Early retirement reductions may apply, but if you score 85 or more under the 85 rule, this may help reduce or avoid these reductions. Your 85 score is based on the age you are asking to draw your benefits, plus the membership you would have built up, had you stayed in the scheme.

85 rule general information

If you want to draw your deferred benefits early because of ill health, then special rules apply.

Drawing deferred benefits on ill health

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