Normal retirement

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Your normal retirement age is your 65th birthday, unless a different age is shown in your employment contract.

However, you can choose to take your benefits at any time after age 55, provided TSB agrees.

What do I need to do?

You will receive your personal illustration

Approximately 8 months before your normal retirement date, you will automatically receive a personal illustration. This will provide you with the up-to-date value of your account along with full details of the options available to you.

Review your options

Your personal illustration will include details of all the retirement benefit options available to you. You will need to review these to determine whether you would still like to retire at your normal retirement date, or whether you wish to retire later.

You choose

If you would like to go ahead, complete the paperwork you have received and send it back to Equiniti.

You will then receive confirmation of the date your payments commence.

Things to consider
  • Your normal retirement age under the Scheme is 65 (unless your employment contract states otherwise), however you may wish to consider deferring your benefits because;
    • of a personal lifestyle choice;
    • of other retirement benefits you may have;
    • annuity rates may be lower than you expected, if you intend to buy an annuity; or
    • investments are performing differently than expected.
  • 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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