The minimum age at which you can access your pension is 55, this is known as early retirement and your benefits may be subject to early retirement reduction if you retire at this age. Please note that this minimum age may be increasing to 57 in 2028 and thereafter it will be 10 years before the State Pension age.
The Scheme’s Normal Retirement Age is 65. This is the earliest age you can take your benefits from the Scheme without any early retirement reduction. Some members may have a different Normal Retirement Age.
You can continue to contribute to the Scheme for as long as you are employed, regardless of your age.
If you are approaching age 55 or over, you may contact Capita for an estimate of your pension options. If you wish to retire from the Scheme, you should read the HR policy. This can be found on the HR A-Z on the RS Components intranet site. You will then need to complete the early retirement form, if appropriate.
Capita will send you a pack with details of your retirement options (either at your request or automatically as you approach the Scheme’s Normal Retirement Age). You should select the retirement option that best suits you and send your completed forms back to Capita with any other documentation they request in your retirement pack. If you are at all unsure of what options you should take regarding your retirement, we recommend you take professional financial advice. You can find an independent financial adviser (IFA) at register.fca.org.uk.
Ill health
Membership of the Scheme also entitles active members to valuable benefits, for example, if you need to retire early for health reasons.
If you wish to investigate the possibility of retiring on the grounds of ill health, you can contact the HR Department.