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If you are age 55 or over and have more than 2 years membership

We pay the benefits you have built up to the date of leaving immediately. You cannot defer payment of your benefits. Your benefits are not reduced for early payment.

Your employer can award you up to £7,316 extra annual pension. This is an employer discretion. They will have a policy about this. You can ask them about their policy.

If you paid additional pension contributions (APCs) for extra or lost pension, reductions apply on the pension that you purchased.

Exit cap payment and further reforms

The exit payment restrictions that were introduced by the government in November 2020 were revoked on 12 February 2021. It was concluded that the restrictions had unintended consequences. The government have stated:

  • it is still vital that exit payments deliver value for the taxpayer,
  • employers should always consider that exit payments are fair and proportionate, and
  • HM Treasury will bring forward proposals at pace to tackle unjustified exit payments.

If you think this could affect you, please contact your employer.