Retirement guide
When a member requests to take their retirement benefits from the Scheme, they will be sent a retirement pack containing the forms they need to complete in order to start receiving their benefits.
We know that the forms can seem complicated, so we are pleased to provide the below video to act as a guide for members who are in the process of completing their forms.
If you have any questions about the forms or your retirement options please contact us.
Pensionable age (usually 60)
The Scheme’s Normal Retirement Age (NRA) is 60, unless members qualify for early payment of pension because of redundancy (with certain conditions), in which case NRA is the later of age 50 or the date of redundancy.
Taking your benefits before age 60
The Scheme’s NRA is 60. You can take benefits at a reduced rate before you reach 60.
The earliest age members can take their pensions varies:
Reduced benefits at age 50
For most members, the earliest age they can take reduced benefits is age 50.
Reduced benefits at age 55
In 2010, the earliest retirement age for UK pension schemes increased to age 55. Most BCSSS members were unaffected by this change. (The Scheme administrator has told the small number of members who are affected and whose earliest retirement age is now 55 instead of 50). Please note, this retirement age is due to increase from age 55 to age 57 in 2028.
Unreduced benefits at age 50
Under an arrangement operated by British Coal some members who were made redundant have the right to take payment of unreduced benefits from age 50. (The Scheme administrator has told those members who are covered by this arrangement). Members can choose to defer payment of their benefits up to age 60, in these cases, their pension will be increased by 0.5% for each complete month between age 50 and the date they start to draw their benefits. The rate of deferred retirement uplift is reviewed from time to time, and is in addition to other Scheme pension increases.