This section explains your options with regard to drawing your pension. You can decide when this will be. You can also exchange some of your pension for a lump sum when you retire (see the cash lump sum option). You will also find information regarding how you pension will increase once it is in payment.
When you retire your pension will be paid for life. It is paid directly into your bank or building society account monthly in advance.
Normal Pension Date
Your Normal Pension Date (NPD) under the Plan is your 65th birthday. This is when you would normally draw your pension.
Although your NPD is age 65, you can retire at age 60 and your pension won't be reduced to take account of early payment (see Early Retirement for more information).