Working beyond your Normal Retirement Age

A member’s Normal Retirement Date for pension purposes, depends on the arrangement that they are a member of, and the particular section within that arrangement. This is not necessarily the same as the retirement date under an individual’s contract of employment. It is the Normal Retirement Date under the scheme that is used in calculating projected benefits shown on your annual Benefit Statement.

Once a member reaches their NRA and the Company are willing to extend their contract beyond this age then the member has the following choices: 

  • They can continue to pay contributions in the normal way and will therefore continue to benefit from the Company’s contributions. 
  • The member can withdraw from the existing pension arrangement and begin to draw their pension. The member can then decide if they wish, to join CRISP as a new entrant for future pensionable service. If they decide not to join CRISP then life cover will reduce to 1 x salary under the Compass Life Insurance Plan (CLIP).

Where pensions are not taken immediately, members should begin to draw their pension no later than age 75 otherwise a punitive tax charge will apply.