We want to make sure all members understand how the Scheme handles retirement after age 75.
Under the Scheme Rules, pensions cannot start later than age 75. If a deferred member waits beyond that age to claim their pension, the Trustees will treat the pension as having started at age 75. This means:
- your pension will be calculated as if it began at age 75
- you will receive backpayments from age 75 to the date you claim
- interest will be added at a reasonable rate
- your pension will then be paid going forward in the usual way
This approach ensures members receive their full entitlement in a fair and consistent manner.
To help avoid any confusion, the Scheme will now contact deferred members shortly before age 75 with a retirement quotation and clear guidance on the steps to take.
If you are approaching age 74 and have not yet asked for a retirement quotation, please get in touch with the administration team so we can support you.