Working beyond your Normal Retirement Age

Your Normal Retirement Age ('NRA') for pension purposes is not necessarily the same as your retirement age under your contract of employment or your State Pension Age. Under CRISP it is set by default as age 65 unless you have selected your own chosen retirement age. It is the NRA that is used in calculating projected benefits shown on your annual Benefit Statement.

Once you reach your NRA and the Company is willing to extend your contract beyond this age then you have the following choices: 

  • You can continue to pay contributions (whether this is by Deduction from Pay or through SmarterPensions) as before and benefit from the Company’s contributions in the same way and life cover will also continue.  However, you must begin to take your CRISP benefits before you reach age 75.
  • You can cease membership of CRISP and begin to draw your benefits or defer drawing them until a later date.  You could rejoin CRISP for future service if you wish.  If you decide not to join CRISP then life cover will reduce to 1 x salary under the Compass Life Insurance Plan (CLIP).

If you are deferring retirement beyond your stated retirement age you should consider what investment choices you have made. If you are in the default Target Date Retirement Fund then your investments will be gradually changing in the last 5 years before your stated retirement date to less risk investments of bonds and cash.

If you are not now retiring at your original stated retirement age this may no longer be appropriate for you.

Where pensions are not taken immediately, members should begin to draw their pension no later than age 75 otherwise a punitive tax charge will apply.