You may apply for Company consent to continue working at the same time as drawing your pension. This option is designed to help people who wish to ease into retirement by moving to a part-time or reduced role, without a significant effect on their personal finances. An immediate pension will not be payable unless the early retirement pension at least equals any guaranteed minimum pension that is due to be paid from your GMP payment date.
If you wish, you may then apply to rejoin the Scheme under the DC Section and start paying contributions into a Pension Account to build up further future pension benefits and maintain your life assurance cover. To retain continuous cover, you would need to join the DC Section immediately after leaving the DB Section. This would also mean you would not have to provide information on any pre-existing medical conditions, which normal joiners to the Scheme have to provide before being given life cover. For more information about life assurance cover in the DC Section, please click here.
If drawing your pension while continuing to work for the Company is of interest to you, please contact your HR department.