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Late Retirement
Can I retire after my Normal Pension Date?
Yes. You may elect in writing, with the consent of both the Trustees and the Press, to take your deferred pension after your Normal Pension Date but before your 75th birthday.
How will this affect my pension?
Your pension will then be increased to reflect late payment. Any benefits payable in the event of your death once your pension has come into payment will also be calculated by reference to this increased amount.
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?
At the date your pension comes into payment, you may exchange part of it for a cash sum. The calculation of your cash amount (which is currently tax-free) is complex and depends on the amount of your pension at retirement. Broadly, you can take up to 25% of the value of your benefits as a cash sum (subject to a maximum of 25% of your available Lifetime Allowance). You will be told how much of your pension you can exchange for a cash sum shortly before payment is due to start.