Retirement benefits can become payable due to a number of different circumstances. Retirement benefits can be paid anytime from age 55 onwards providing the member has at least two years Local Government service and has ceased their contract of employment (or flexibly retired). A member's Normal Pension Age (NPA) is in line with their State Pension Age). If a member retires earlier than their NPA an actuarial percentage reduction will be applied to the pension benefits to reflect early payment.
For all membership built up from 1 April 2014 the member's NPA is linked to their State Pension Age (SPA) but with a minimum age of 65. For membership built up to 31 March 2014 the member's NPA is still 65. However both pre and post 1 April 2014 benefits must be paid at the same time. An employee could also continue to work beyond their Normal Pension Age and remain in the Scheme right up until 2 days before their 75th birthday.
If a member is taking early voluntary retirement and they wish to release their pension before their NPA a written notice of three months must be provided to the pensions team. We can accept this over e-mail - info@berkshirepensions.org.uk