| If, with the agreement of your employer, you decide to continue in employment after your normal retirement age, then contributions may continue to be paid into your Individual Account until you eventually decide to retire which must be on or before your 75th birthday.
When you do retire the benefits will be calculated in exactly the same way as for retirement at an earlier age, but the value of your benefits should increase (subject to investment returns and annuity rates) because:-
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more money will have been paid into your Individual Account; |
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the money in your Individual Account may have grown with further investment returns; |
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pensions normally cost less the older you are. |
When you have decided to retire, shortly before you do so (say 3 months) please contact the Pensions Officer who will arrange for figures to be prepared showing you how much is in your Individual Account and the amount of pension you can expect to receive.
When you do retire at any time before your 75th birthday please note that you may elect to defer the receipt of benefits as explained in the 'Retirement Benefits' section. You may, if you so wish, choose to take only part of your pension benefits and leave the rest invested.
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