When could I have got my pension benefits? Pensioner Members
This Quicknote is written for people who are pensioner members of a defined benefit scheme.
As you are a pensioner member, you will already be in receipt of your pension benefits, so this Quicknote is for reference purposes only.
Minimum pension age
Until 5th April 2010, the current minimum pension age from a registered pension scheme is age 50. On 6th April 2010, this rises to age 55 for everyone.
However, in terms of when you were able to draw your pension benefit depended upon the Rules of your pension scheme, which may have set your minimum age higher than this.
What YOU were allowed to do and when will have depended upon your Scheme Rules. It may also have depended upon your Contract of Employment or such similar document, although any terms specified in those documents may only have related to you whilst you were an active member of the scheme.
Normal pension age
Benefits will usually have been paid to you when you reached your scheme’s normal pension age.
Before 6th April 2006, pension schemes will have had written within their Rules a reference to Normal Retirement Date. This is important as it is the date at which you would normally have been expected to start to draw your pension benefits without the consent of the employer or the Trustees.
Even though legislation has been introduced to simplify pensions (most of which became effective from 6th April 2006) your Normal Retirement Date is the key date. The age you are at your Normal Retirement Date is commonly referred to as your Normal Retirement Age.
Before 6th April 2006, some specific pension schemes were permitted to have a retirement date lower than 50, reflecting the nature of their members’ occupations (such as some professional sportsmen). This needed the prior approval of (what was then) the Inland Revenue’s Pension Scheme Office, who produced the Occupational Pension Scheme Practice Notes which laid down the regulations of approved occupational pension schemes.
Other phrases are commonly used such as Scheme Retirement Age or Scheme Pension Age which sound very much the same but can have different meanings for different pension schemes.
The definitions may vary slightly, or significantly, from scheme to scheme, so if you have more than one pension don’t assume the words will mean the same for each scheme.
Other circumstances when pension benefits may be taken
Depending upon the rules of your scheme (not all schemes will have allowed these alternatives), you may also have been entitled to receive benefits at other dates such as:
- Early retirement
- Retirement due to ill health
- Terminal Illness
- Late retirement.
Summary
People seldom have identical pensions and you should avoid drawing comparisons with colleagues whose circumstances may at first appear the same but could emerge as having significant differences.
This is not an authoritative document. Seek professional advice from an appropriately experienced and qualified adviser.
When could I have got my pension benefits v3.0 Pensioner
Last updated 17/01/2007
