Expression of Interest - Deferred Benefits into Payment from age 55
Deferred members can choose to draw their benefits at any time between the ages of 55 and 75.
If you choose to draw your deferred benefits before your Normal Pension Age, your benefits will normally be reduced to take account of their early payment and the fact that your pension will be paid for longer. How much your deferred benefits are reduced by, depends on how early you choose to draw them. You do not need your former employer’s consent to take your pension early.
See the section on Early Retirement Reductions to find out about how your benefits will be reduced or if you are a Deferred member aged over 55 and are already a registered user of MyPension, you can login here and use the Benefit Projector to illustrate the estimated value of your pension benefits under different circumstances.
You can register for MyPension here.
Using the Benefit Projector in MyPension
Registered MyPension users can choose a 'Date of Retirement' (from age 55 onwards) in the Projector to view the estimated value of their deferred benefits, as well as move the slider in 'Conversion Options' to look at the different values of their annual pension and lump sum respectively:
If you don't wish to register for MyPension
If you don't wish to register for MyPension and you are a deferred member aged 55 and over, you can still express your interest in drawing your deferred benefits. However, you won't be able to choose a 'Date of Retirement' up to 6 months' into the future, or view any conversion figures before your quotation is produced.
You can express your interest in drawing your deferred benefits in this way here.