If you terminate your job on the grounds of redundancy or efficiency, you are eligible to retire and receive your pension benefits immediately provided you are age 55 or over.
Even though the benefits are payable before your normal retirement age, the benefits will not be subject to reduction. However, the benefits will only be based on the accrued benefits up to the date of leaving unless your employer chooses to enhance your benefits.
Your employer has the discretion to award extra annual pension. The maximum the employer can award is set at £6,500 on the 1st of April, 2014. This figure will increase each year according to Pensions Increase.
When you retire you will be required to complete a retirement form before your benefits can be paid.