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Flexible retirement

You can take your pension even though you are still working for the company. Flexible retirement is available to those who are eligible to retire from the pension scheme. There are some points to bear in mind:

  1. If you take flexible retirement, you will earn no more pension, and will no longer be covered for death in service benefits.

  2. You will no longer be entitled to the life assurance benefit (this is a multiple of your annual pensionable earnings).  This will be replaced by the death benefits, as described on the final page of Your retirement and beyond.

  3. You will no longer be entitled to the full spouse˙s/civil partner˙s/adult dependant˙s death in service pension and any children˙s pensions that are payable. These will only be calculated to the effective date of your flexible retirement, and will not include prospective pensionable service to your normal retirement age.

  4. The company will no longer be able to apply for an ill health pension on your behalf, should you be forced to retire due to failing health.

  5. Taking flexible retirement means that your take home pay will increase by an amount that is less than your monthly pension contribution, because of tax relief.