The Normal Retirement Age (NRA) for the Scheme is 65; however, you can continue to pay contributions to the Scheme past this age.
At retirement you will receive the higher of the following:
- the pension payable if benefits accrued in the same way as they would before your NRA. Your pension would be calculated using your Pensionable Service and Final Pensionable Earnings at the date you eventually retire
- the pension payable at your NRA would be calculated and increased using late retirement factors.
If you leave the Company or opt out of the Scheme before you reach your Normal Retirement Date, your pension is payable from age 65. If you apply to take your benefits after your Normal Retirement Date, they will be backdated to your 65th birthday.
Under the rules of the Scheme, contributions must cease when you are 75. If you are still paying contributions when you reach your 75th birthday, you will be taken out of the Scheme automatically.