The normal age for members to start receiving pension benefits (known as 'normal pension age) is linked with state pension age or age 66 if later. This means that you can draw your benefits at the same time as your state pension without incurring a reduction.
Your pension built up before 1 April 2014 has a protected Normal Pension Age (NPA), which for almost all is age 65. View our Protected Normal Pension Age page for more information.
But there are provisions for early payment of your pension.
For details on these provisions please view the options below:
- Drawing your benefits early
- Ill health retirement
- Pension flexibility from April 2015
It is also possible to leave your benefits preserved within the fund after your normal retirement age. Please see drawing your benefits late for information on this option.
The Pensions and Lifetime Savings Association (PLSA) has launched
This provides you with some guidance on what income you should be aiming for at retirement.
You can draw your preserved benefits voluntarily from the age of 55. However, if you choose to take your benefits before your normal pension age your pension will be reduced for early payment. To find out how your pension would be reduced please see our will my pension be reduced area.
The earliest you can receive your pension is age 55, unless you meet the criteria for ill health, in which case you can take your pension from any age.
If you wish to look into the possibility of receiving your pension early, please contact us.
What if I am unable to work due to ill health?
In the event of permanent ill health:
- you may receive your preserved benefits earned at the point of payment without reduction regardless of your age. But, there will be no enhancement to those benefits.
Regulations state that to be entitled to the immediate payment of your preserved benefits on the grounds of ill health, you must:
- be permanently incapable of carrying out the duties of your previous employment because of ill health or infirmity of mind or body.
An Occupational Health Physician must certify that this is the case and that you will be unable to obtain future gainful employment within a reasonable period of time.
To enable us to consider your request, we will require:
- Full details of your medical condition
- A consent for release of medical information form, which should be signed and returned to the Pensions Section, together with -
- A covering letter explaining the reason for early payment of your preserved pension
Once you have completed the form and your covering letter, return them to us using the address to the right of this page.
If you have already been granted ill health and are in receipt of your pension, you may wish to view our pensioner pages.
Can I leave my benefits preserved beyond my normal retirement age?
I left before 1 April 1998
If you left employment prior to 1 April 1998, there is no provision for drawing your benefits late. Your benefits must be paid on or before your 65th birthday.
I left after 1 April 1998
If you left employment after 1 April 1998, you can elect to leave your benefits preserved within the Cornwall Pension Fund beyond your normal retirement age. However you must take your benefits before your 75th birthday.
What affect will late receipt have on my pension?
If you elect to leave your pension benefits in the fund beyond the age of 65, they will be increased for late payment.
Example
A member with preserved benefits in the Cornwall Pension Fund reaches the age of 65 on 30 May 2017, this member elected to leave their benefits in the fund until 30 September 2017 (123 days after their 65th birthday).
Members benefits at 30 September 2017
| Pension/Lump sum | Benefits at 30 May 2017 |
|---|---|
| Pension | £5,500 per annum |
| Lump sum | £15,500 |
Increase calculation
| Pension/Lump sum | Calculation |
|---|---|
| Pension | £5,500 x by 123 x by 0.00010 = £67.65 per annum |
| Lump sum | £15,500 x by 123 x by 0.00001 = £19.06 |
Total pension: £5,567.65
Total lump sum: £15,519.06