Receiving my pension at Normal Retirement Age (NRA)

As long as you have kept your contact details up to date, we will normally send you a retirement pack around 10 months before your NRA. This pack will include details of what pension you will receive, along with the Forms you will need to complete to arrange for your pension to be paid.

Receiving my pension earlier than my NRA

You can choose to start receiving your pension earlier than your Normal Retirement Age (NRA). Normally, this option is available from any time after your 55^th birthday. However, a change in legislation means this is increasing and the earliest you’ll be able to start receiving your pension is any time after your 57^th birthday from April 2028.

If you decide to take your pension before your NRA, your pension may be reduced as it is being paid before it is due. The reduction will be based on a factor decided by the Trustee having taken the appropriate advice. On request we will send you a retirement pack, which will include details of what pension you will receive, along with the Forms you will need to complete to arrange for your pension to be paid.

You will need to request a retirement pack from the NPF team at Gallagher.

Even if you have not yet reached age 55, you may still be able to start receiving a pension from the Fund. However, this option will only be available if the Trustee is satisfied that your incapacity is likely to be permanent, and will stop you doing your normal job.

Delaying receiving my pension until after my NRA

You may be able to delay receiving your pension to a date later than your NRA. If this is an option you would like to consider you should contact the NPF team at Gallagher.

My choices at retirement

You can normally choose to exchange some of your pension for a single lump sum payment. This lump sum is normally tax-free, and current legislation allows you to exchange a maximum of about 25% of your pension for a lump sum.

Current legislation allows members in defined contribution arrangements more options at retirement. To take advantage of these additional options, your benefits would need to be transferred-out of the Nationwide Pension Fund. Please see the Transferring out page for more information.

What about my AVCs?

Whilst an Active Member, you had three AVC options. You could choose to make Additional Contributions through:

1. Pension Credits;
2. Investment Funds;
3. Nationwide Group Personal Pension.

If you chose the Pension Credits option, these will have been added to your Fund pension quoted in your Retirement Pack.

If you chose either of the other two options, you will have built up a separate pension savings account which you can use to purchase an additional pension. You may also be able to take up to 25% of this Fund as a lump sum, which is normally tax free.

Requesting a retirement pack?

If you are approaching your Normal Retirement Age (NRA), we will automatically send you a retirement pack. We will normally send this to you around 10 months before your NRA. At other times you can request either a retirement illustration, or a full retirement pack, by contacting the NPF team at Gallagher.

Take a look at the Pension Scams page for some helpful tips to help protect you and your pension savings from potential scams.