Early retirement

If you wish to consider retiring before your normal retirement age, you will need to save more to receive the same level of retirement benefits. Otherwise, the level of retirement benefits will normally be lower than they would at normal retirement age because:

  • there will be less time for you and TSB to contribute and for your savings to grow; and
  • the younger you are, the longer your retirement income will be payable for.

What do I need to do?

Request to take early retirement

If you wish to consider early retirement, you can request a quote by contacting Equiniti.

You will receive early retirement figures

Once Equiniti has received your request, early retirement figures will be calculated and sent to you, along with details of all the retirement benefit options available to you and any paperwork for you to complete should you want to go ahead.

You choose

Once you have reviewed the early retirement pack, if you would like to go ahead, complete the paperwork you received and send it back to Equiniti.

You will then receive confirmation of your choices.

Things to consider
  • You will have had fewer years to pay in, so the value of your account could be smaller than if you had retired at your normal retirement age.
  • In addition, your account will need to provide you with an income over a longer period of time.
  • The earliest you can receive your State Pension is when you reach State Pension Age but you can consider deferring it. Visit the GOV.UK website for more information.

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