Working beyond your Normal Retirement Age

A member's Normal Retirement Date for pension purposes 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.

Under NEST this is your State Pension Age (SPA). Once a member reaches SPA 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 (whether this be by Deduction from Pay or under Smarter Pensions), and will therefore continue to benefit from the Company's contributions.
  • The member can withdraw from the existing pension and begin to draw their pension. The member can then decide if they wish to join NEST as a new entrant for future pensionable service.

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.