Redundancy and efficiency retirements

Pension benefits are due in full from age 55 if you terminate a contract of employment on the grounds of redundancy, or efficiency.

There will be a early retirement strain cost to be paid by you, for these members. Therefore, if you're planning on on any redundancies or efficiencies, you should contact us in advance for a quote. You can do this by completing the PEN010 form and sending it to us. 

What do we need to process a redundancy or efficiency retirement?

  • Completed leavers form PEN007A
  • Copy of the notice letter sent to the member
  • P45 (if available) – this should be sent in order for income tax deductions from the pension to be assessed

When is the early retirement strain cost paid?

If you are due to pay a strain cost, you'll receive an invoice for the amount shortly after the member's retirement.