When you retire

Your Normal Retirement Age depends again upon which GAD approved scheme you are a member of.  If you are not sure then please check your Annual Benefit Statement as this will show the date appropriate to you.

However, you will normally be able to retire earlier than this date (usually any time from age 55) or later than this date (any time up to age 75).  The pension you receive will be adjusted accordingly (i.e. reduced for earlier payment or increased for later payment).

You will normally have the option to exchange part of your pension for a lump sum.  Under current legislation this is tax-free.

Pensions in payment are taxed as if it were earned income.

Your pension, once in payment, will normally increase each year to help mitigate the effects of inflation.  Again pension increases are set out in the addendum to the booklet appropriate to the section of the Plan that you are a member of.