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Retirement after Normal Pension Date
Can I retire after my Normal Pension Date?
Yes. Although your Normal Pension Date is your 60th birthday you may be able to retire later than that date.
Can I continue contributing to the Group Pension Scheme?
If you continue working for the Press beyond your Normal Pension Date, you will have the choice of:
i) remaining as an active member in the Scheme and continuing to accrue pension until you retire from the Press, or leave Service (not later than age 75). If you choose this option you will continue to pay normal member contributions, and have full death in service benefits.
ii) ceasing to contribute as an active member at Normal Pension Date. Your benefits will not come into payment until you actually retire, or leave Service (not later than age 75). Your pension will be increased to reflect late payment. Your death in service life cover will reduce to one times Pensionable Salary.
What if I die before I retire?
Should you die after your Normal Pension Date but before retiring, your benefits will be calculated as if you had retired on the day before your death.
Will I still be able to take a lump sum?
Whichever retirement option you choose, part of your pension may be given up in exchange for a tax-free cash lump sum. The calculation of your tax free cash amount is complex, and depends on the amount of your pension at retirement. You will be provided with further information shortly before you are due to retire.