What are my Scheme
retirement benefits?
Are there any reductions for
retiring early and drawing immediate benefits?
What if I continue my Councillor duties
after age 65?
You can retire and receive your Scheme
benefits in full once you have reached age 65. The Scheme also makes provisions
for the early payment of your benefits.
When you retire, you will receive a
pension and have the option to take part of your pension as a tax-free lump
sum.
You can elect to retire and receive your
Scheme benefits from age 60 onwards. You may be able to retire and receive your
Scheme benefits from age 55 but only if your Council agrees. Council’s consent
to draw benefits before age 60 is a Council discretion and it must
set out its policy on this discretion in a published statement.
If you retire between age 60 and 65 your
Scheme benefits will be reduced to take account of their early payment and the fact
that your pension will be payable for longer.
If you have to leave work at any
age due to permanent ill-health which prevents you from doing your job and you
have at least one year’s Scheme membership, the Scheme provides a tiered
ill-health retirement package.
To qualify for ill-health benefits,
the Committee must be satisfied that you will be permanently unable to do your
own job and have a reduced likelihood of obtaining another job before age 65.
The Committee’s decision is based on a report from an independent registered
medical practitioner qualified in occupational health medicine.
The pension
benefits provided are dependent on the severity of the illness and are described below:
‘Gainful employment’ is defined as paid
employment for not less than 30 hours in each week for a period of not less
than 12 months.
‘Permanently incapable’ is defined as the
member will, more likely than not, be incapable until, at the earliest, his
65th birthday.
If you continue your Councillor duties after age 65 you
will continue to pay into the Scheme, building up further benefits. We will pay
your pension when you retire, or when you reach the eve of your 75th birthday, whichever
occurs first. If you draw your pension after age 65, it will be increased to
reflect the fact that it will be paid for a shorter time. Your pension has to
be paid by your 75th birthday.