When you can retire
When you can retire will depend on your employment type:
Pension to 1 January 2007
If you continue to work after you reach age 60, you receive an extra allowance for your pension built up before 1 January 2007 for its late payment. The benefit paid is the higher of the extra accrual and the late retirement factor.
When you can retire
Your normal retirement date is your 55th birthday and you are entitled to retire from this date under the Scheme Rules.
You may have heard that the Government is going to increase the earliest age that people can ordinarily put their pension benefits into payment from age 55 up to age 57 from 6 April 2028.
However, the Scheme Rules provide Lifeboat Crew members with a 'protected minimum pension age' of 55 in the Scheme. This means that Lifeboat Crew members will still be able to put their Scheme pension benefits into payment from age 55 after 6 April 2028.
Drawing your pension whilst working
You can draw your pension from age 55 (increasing to 57 from 6 April 2028) and continue to work for the RNLI. If the RNLI and Trustees agree, you can:
- draw your pension from the Scheme and continue working, or
- continue building up your pension and delay drawing it until you retire. If you draw your pension after your normal retirement date it will be increased for late payment.
Pension to 1 January 2007
If you continue to work after you reach age 60, you receive an extra allowance for your pension built up before 1 January 2007 for its late payment. The benefit paid is the higher of the extra accrual and the late retirement factor.
When you can retire
Currently, age 55 is the earliest age that most people can put their pension benefits into payment (except in cases of ill-health). This minimum age is set by the Government and applies to all registered pension arrangements.
Under the Scheme Rules, Staff members can currently request to put their pension benefits into payment from age 55, subject to Trustee consent.
The Government is going to increase the earliest age that people can put their pension benefits into payment (unless they are in ill health). From 6 April 2028, this minimum age will increase from age 55 to age 57 for most people.
This means that, when the change takes effect from 6 April 2028, the earliest age that Staff members will be able to request to put their pension benefits in the Scheme into payment will be from age 57.
Retiring early
Your pension is calculated in the same way as for normal retirement, based on your pensionable service and final pensionable pay at your date of early retirement. The pension is then reduced because it is being paid early. The reduction depends on how many years you retire before your normal retirement date.
You can retire from your 60th birthday and your pension will be paid without any reduction, although the calculation will not reflect the additional service years to age 65 (if applicable). If you continue to work after you reach age 60, the element of your pension built up before 1 January 2007 will be increased to allow for its late payment.
Drawing your pension whilst working
You can draw your pension from age 55 (increasing to 57 from 6 April 2028) and continue to work for the RNLI. If the RNLI and Trustees agree, you can:
- draw your pension from the Scheme and continue working, or
- continue building up your pension and delay drawing it until you retire.