A member may be able to flexibly retire with your agreement. To receive their pension benefits and continue working, they must be over 55 and have a reduction in hours or grade.
There may be a strain cost to you, as the employer, if you allow a member to flexibly retire before their normal pension age. You should therefore ask us for a quote if you have a request for flexible retirement.
An early retirement reduction will also apply to the member’s benefits if the 85 year rule protections aren't met.
What do we need to process a flexible retirement?
We'll need a completed PEN007A form, written confirmation of the agreement to flexible retirement and a P45 if available. This should be sent so that income tax deductions can be assessed.