Early retirement
You may be able to retire early depending on the conditions below.
Members may be able to take their benefits from an earlier age than 55*.
If a member was active in any section of the Railways Pension Scheme (including Industry Wide Defined Contribution) on 5 April 2006 (unless they subsequently opted-out of membership of a section of the Scheme and gave up the right to claim their Scheme benefits before age 55) they have the right to apply for their Scheme benefits before age 55* if they wish.
If you have benefits in more than one section and wish take benefits before age 55, all scheme benefits MUST come into payment at the same time.
The right to take benefits before age 55 applies to all membership within the Scheme and is not restricted to membership in individual sections.
*Scheme benefits are only payable if certain conditions are satisfied, for example they are at least equal to the minimum level set by the government and, in the case of preserved Scheme benefits, the member needs the Trustee's approval before they can be paid.
If you are considering early retirement you may wish to seek independent financial advice to ensure that your retirement benefits will be sufficient for your needs. To find a local independent financial adviser see Quick Links - Independent Financial Advisor.
Note: If you have chosen to invest in the Lifestyle option and want to retire earlier than your minimum pension age it is very important that you tell us at what age you want to retire. To find out more about the Lifestyle option and why you need to set a target retirement date if you want to retire early see Quick Links - Lifestyle.