Early payment of Deferred Benefits
The earliest age you can receive payment of your deferred benefits is from age 55.
If you intend to retire and claim your pension before your Normal Pension Age (NPA), we require a minimum of three months' written notice. Please e-mail your notice to info@berkshirepensions.org.uk
Please note: Deferred benefits paid earlier than your NPA will normally be subject to a reduction to take account of the fact that your annual pension will be paid for longer. The reduction applied depends on how early you are claiming your pension. The reduction is based on the length of time (in years and days) between the date you take them and the date your deferred benefit will be payable without a reduction for early payment. If you are unsure when your NPA is you can check your annual benefit statement or log in to your online account.
The early reduction factors are set by the Government and can change from time to time. The current factors are available in the Early Retirement section of our website.
If you are claiming your pension from your NPA we do not require a separate period of notice from you. We will automatically contact you approximately three months before your NPA and provide you with your retirement options.
Early payment of deferred benefits for pension credit members
If you were awarded a share of your ex-spouse’s LGPS pension as part of a divorce settlement and you are a pension credit member in the LGPS, you can elect to take payment of these benefits from age 55 regardless of when the pension sharing order took effect. We require three months' written notice in order to release your pension. Benefits paid earlier than your Normal Pension Age will also be reduced to reflect early payment.
Deferring your pension
You can defer payment of your pension until the day before your 75th birthday (providing you left your employment after 1 April 1998).
If you left your employment before 1 April 1998 you are unable to defer payment of your pension beyond your Normal Pension Age.
Deferred Pension Estimates
An online benefit projector is available on via 'my pension ONLINE' which will allow you to run through estimates to future retirement dates. You can also download your latest deferred annual benefit statement from the 'My Documents' section of your online account.
Ill-Health Retirement
Premature payment of deferred benefits is possible if your health breaks down before the Normal Pension Age (NPA), provided your former Scheme employer is satisfied that, had you remained in their employment, you would have been retired on the grounds of permanent ill health. If your former Scheme employer no longer exists your request will be forwarded to the Administering Authority.
If you would like to investigate this further please put your request in writing (detailing the reasons for your application) to:
Royal County of Berkshire Pension Fund
Zone C
Town Hall
St Ives Road
Maidenhead
Berkshire
SL6 1RF
Alternatively, you can e-mail your written application to info@berkshirepensions.org.uk