You usually retire at your Normal Retirement Age (NRA). The default age for the British Sugar section is 65.
When you retire, your pension is based on your Pensionable Service (years and months) and your Pensionable Salary. Your pension is Pensionable Service x Pensionable Salary x 1/60 (subject to a maximum of 2/3rds of your Pensionable Salary). If you are a reduced accrual member you will accrue pension at the rate of 75% of the Scheme formula outlined below in respect of service during which you have been a reduced accrual member.
Example:
You retire at age 65 with 30 years' Pensionable Service and Pensionable Salary of £31,200.
Your annual pension is:
30 ÷ 60 x £31,200 = £15,600.
You may wish to delay your retirement until after your Normal Retirement Date. If so, you would continue to work until you notify the Company or they notify you. If you have not reached the maximum pension of 2/3rds of your Pensionable Salary, you can continue making contributions to the Scheme and accruing further benefits. However, your benefits must be taken by age 75.