Retirement options

When you can retire

This page explains when you can retire and how much pension you can get if you are like most members and have a normal retirement age of 65.

If you have a normal retirement age of 62, your options are different. We wrote to you in the past to explain these. If you’re not sure, contact us.

You can:

By law, the earliest you can take money from a pension is 55.

From 6 April 2028, this will go up to 57.

Retiring at certain ages requires the consent of the Bank or the Trustee. We request this consent for you, and it is usually given.

Last updated: 28/10/2024

Active members

Active members

Retiring from age 55 to 59 requires the Bank’s consent. Receiving a pension that is not reduced from age 60-64 requires the Trustee’s consent.

Retire from age 55 to 59

Your pension will be reduced. You’ll get less pension, because you are retiring early and we expect to pay you for longer.

Retire at age 60

Your pension will not be reduced.

Retire after age 60

Your pension will start to be increased. You’ll get more pension, because you are retiring late and we do not expect to pay your pension for as long.

Pension you built up before 31 March 2006 will be increased for each year you take it after age 60. And pension you built up after 1 April 2006 will be increased for each year you take it after age 65.

Deferred members

Retire from age 55 to 59

Your pension will be reduced. You’ll get less pension, because you are retiring early and we expect to pay you for longer.

Retiring early requires the Trustee’s consent.

Retire from age 60 to 65

Pension you built up before 31 March 2006 will not be reduced if you take your pension at age 60. It will be increased for each year you take it after age 60.

Pension you built up from 1 April 2006 will be reduced if you take your pension between age 60 and 64. It will not be reduced if you take it at age 65.

Retire after age 65

All of your pension will be increased. You’ll get more pension, because you are retiring late and we do not expect to pay your pension for as long.

Pension you built up before 31 March 2006 will be increased for each year you take it after age 60. And pension you built up after 1 April 2006 will be increased for each year you take it after age 65.

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