Redundancy/Efficiency Retirement
If you are made redundant or your employer retires you for efficiency reasons and you have been a member of the Scheme for at least 3 months, then you will be entitled to your pension and lump sum if you are at least 55 (50 if you were a member of the Scheme before 1 April 2008 and retire before April 2010).
In certain circumstances your employer can choose to give you extra membership or additional pension which will count towards your benefits. Your employer should have a policy on this and you should contact them for further information.
If you are under 55 you will not receive any pensions increase until that age. You will then receive the accumulative total, compounded each year. So, for example, if you retire at age 50 and there was an increase of 2% per year, you would receive a 10.4% increase on your pension when you reach your 55th birthday.
You can find additional information about retiring in the following factsheets and in our Brief Guide to the Pension Scheme.
