What happens if I retire

When you retire, you will receive a pension based on your pensionable salary and pensionable service at retirement. Your pension will be based on a pension accrual rate of either 1.4% (Standard) or 1.8% (Pension+) of pensionable salary for each year of pensionable service. If you switch between Standard and Pension+ during your time in the scheme your final pension will reflect the periods you have spent in each.

For full details of how your pension will be calculated including details or early, late and ill-health retirement, please refer to the retirement benefits section of the scheme guide.

When you retire you can normally give up part of your pension for tax-free cash. If we provide a pension forecast where the date of retirement is within a calendar year of the quotation, we will include an estimate of the maximum amount of tax-free cash you are entitled to take at that time.

Flexible retirement

Are you thinking of taking your pension whilst continuing to work for the company? Flexible retirement is available to those who are eligible to retire from the pension scheme. Read our factsheet for more information.