Under flexible retirement, if you reduce your working hours in your present job or move to a job on a lower grade, it’s possible for you to receive all the pension benefits you have built up to the date your hours or grade changed and continue to work in your job.
You can retire with flexible retirement from age 55 providing you meet the following criteria:
- You have been a member of the scheme for at least 2 year (or you have transferred previous service from another scheme)
- You have your employer’s consent to retire with flexible retirement
- You have your employer’s consent to reduce your hours or change to a job on a lower grade
Reductions if you retire with flexible retirement
When retiring on flexible retirement, the pension and lump sum you receive will be based on the benefits that you have accrued to the date of changing your hours or grade.
If you choose to retire before your normal retirement age, your pension and lump sum will be reduced due to them being paid early and possibly, for longer. The reduction will be applied as a percentage to your pension and lump sum. The nearer you are to your normal retirement age, the smaller the reduction will be.
If you were a member of the scheme on 30th of September 2006 and would have met the 85 year rule at retirement, all or part of your benefits may be protected from the reduction.
Each employer in the Gwynedd Pension Fund has to have a policy which specifies whether or not they allow employees to retire with flexible retirement. You should contact your employer’s personnel department to find out more about their flexible retirement policy.
When you retire you will be required to complete a retirement form before your benefits can be paid.