Retirement planning

The Scheme’s Normal Retirement Date is 65, however you can work beyond this date and continue to receive pension contributions. The Scheme uses the Normal Retirement Date as a default date for investment purposes, particularly for those members in the Lifestyle option or who have not given a specific investment choice. However, the choice of when to retire is up to you. You are entitled to receive your pension benefits from the age of 55, but from 2028 onwards this will change to 10 years prior to your State Pension age.

If you would like to retire or consider the options to do so, please contact Capita in the first instance. They will send a retirement pack to you setting out further details on the options available to you both in the Scheme and if you were to transfer to other providers.

There are a range of options available and not all of these are provided directly by the Scheme. We therefore recommend that you:

• Use the government funded Pension Wise service to provide further information and guidance on the options you have with your DC pension savings; and
• Consider taking financial advice.

If you intend to draw your benefits at the same time as leaving the Bank you should also let your HR department know.