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Your pension may be payable if your employer makes you redundant or retires you on business efficiency.

A redundancy pension is payable immediately without any early retirement reductions if you are aged 55 or over and have two years’ qualifying membership.  As this pension is being paid early without reductions there is a cost.  This cost is met by your employer.

If you are made redundant and are younger than age 55, then your pension is not immediately payable and you will be entitled to deferred benefits, which are payable at your normal retirement age.  See the deferred members’ section. 

Any additional pension paid by additional pension contributions or shared cost additional pension contributions is paid at a reduced rate if the retirement occurs before your normal pension age. 

If you were a member of the Scheme before 1 April 2015 the pension you built up before then is based on your final pay when you leave the Scheme.  If you have bought additional pension by additional regular contributions, that additional pension would be paid at a reduced rate if you retire before age 65. 

Your employer may also enhance your benefits with up to £8,675 extra pension each year (2024/25 figures). Please note that this is a discretion that your employer can use if they wish. They must have a policy on when they will award additional pension and you should contact them directly if you wish to enquire about this.

An employer award of additional pension is not reduced if paid early on redundancy/business efficiency grounds. 

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