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Retirement
Age Retirement
Pensions in Payment
Premature Retirement
Ill health Retirement
Voluntary Early Retirement
Age
WHEN CAN I RETIRE?
For most scheme members, the minimum age at which pension will normally be paid is 60. In certain circumstances, you can get your pension on retirement before that age. For those members who join from 1 April 2008 Normal Pension Age is 65.
Members of the special classes have special retirement rights.
Premature Retirement
WHAT IF I RETIRE PREMATURELY?
If you are retired prematurely, i.e. before normal retirement age and your employer certifies your retirement to be due to redundancy or in the interests of the efficiency of the service, you may be able to apply for early payment of your benefits from the scheme.
For more information on Premature retirement following the Pension Reforms please consult the Factsheets available in the Forms and Leaflets section of the website.
Ill Health
WHAT IF I BECOME TOO ILL TO WORK?
If you become to ill to continue working in your present job until you reach normal retirement age, you may be able to retire early. An application to retire early because of ill-health should be made to your employer. The application must be supported by medical evidence and you may have to have a medical examination by SPPA's medical advisers.
For more information on Ill-health retirement following the Pension Reforms please consult the Factsheets available in the Forms and Leaflets section of the website.
Voluntary Early Retirement
VOLUNTARY EARLY RETIREMENT WITH EMPLOYERS CONSENT
This facility has been removed for existing members from 1 April 2008. Therefore no members will be able to take voluntary early retirement with employers consent after 31 March 2008.
VOLUNTARY EARLY RETIREMENT ON REDUCED PENSION
WHAT IF I WANT TO RETIRE EARLY?
You can choose to take voluntary early retirement, from age 50 for members of the amended arrangements (pre April 2008) and age 55 for members of the new arrangements (post April 2008), and receive a reduced pension (tables below detail both Pre and Post April 2008 estimated reductions). You will get your benefits on the understanding that you are retiring and not simply taking a break in employment. Your benefits will be reduced to cover the extra cost of being paid for a longer time. The same reduction will apply to those members of the special classes who retire before age 55 (for members of the amended arrangements only).
The benefits payable will vary depending on your age. Your dependants will still get any benefits they are entitled to in full. In the unlikely event that your reduced pension is less than the Guaranteed Minimum Pension, you will not be able to take voluntary early retirement with a reduced pension.
To apply for voluntary early retirement with a reduced pension, use form AW2 available from your employer.
PRE APRIL 2008 (members of existing arrangements pre April 2008) - The following table is a guide to the proportion of benefits payable if you retire early. The benefits payable will vary between the exact ages shown. Your dependants will still get benefits they are entitled to in full. In the unlikely event that your reduced pension is less than the Guaranteed Minimum Pension, you will not be able to take voluntary early retirement with a reduced pension.
AGE |
PENSION |
LUMP SUM |
59 |
95% |
97% |
58 |
90% |
94% |
57 |
85% |
90% |
56 |
80% |
87% |
55 |
76% |
84% |
54 |
73% |
82% |
53 |
69% |
79% |
52 |
66% |
76% |
51 |
63% |
74% |
50 |
60% |
71% |
POST APRIL 2008 (members of new arrangements post April 2008) - The following table is a guide to the proportion of benefits payable if you retire early. The benefits payable will vary between the exact ages shown. Your dependants will still get benefits they are entitled to in full. In the unlikely event that your reduced pension is less than the Guaranteed Minimum Pension, you will not be able to take voluntary early retirement with a reduced pension.
AGE |
PENSION |
64 |
94% |
63 |
88% |
62 |
83% |
61 |
78% |
60 |
74% |
59 |
70% |
58 |
66% |
57 |
63% |
56 |
59% |
55 |
56% |