Retirement guide
When a member requests to take their retirement benefits from the Scheme, they will be sent a retirement pack containing the necessary forms to complete in order to start receiving their benefits.
We know that the forms can seem complicated, so we are pleased to provide the below video to act as a guide for members who are in the process of completing their forms.
If you have any questions about the forms or your retirement options please contact us.
When is my pension payable?
Your pension is payable in full from the Scheme’s Normal Retirement Age (NRA) which is age 60.
Taking your benefits before age 60
You can take benefits at a reduced rate before you reach 60. The earliest age at which members can take their pensions varies, but you can find out the earliest age you can take your benefits by contacting the Scheme Administrator.
Reduced benefits at age 50
Most members can take reduced benefits from age 50. In 2010, the earliest retirement age for UK pension schemes increased from age 50 to age 55, although the majority of MPS members were not affected by this change.
If you are one of the small number of MPS members affected, you will have already been contacted by the Scheme Administrator to let you know that your earliest retirement age is 55 and not 50. If you are unsure, you can contact the Scheme Administrator whose details you can find in the contact us section.
Discretionary ill health benefits
The Trustees are currently able to provide immediate, unreduced benefits to deferred members who are unable to undertake any form of employment due to physical or mental deterioration in their health.
If you think that you may be eligible to receive your benefits early due to ill health, you can apply by writing to the Administration Office at the address below. You will need to provide:
- Your Scheme number or National Insurance number; and
- Professional medical evidence which confirms that you are unable to undertake any form of employment and are unlikely to be able to do so before you reach age 60.
The Scheme’s Medical Adviser will review all applications; this benefit can only be provided if they agree that you satisfy the criteria. If your application is unsuccessful, you would have the right to appeal the decision. You would also still be able to consider early retirement at the reduced level under the normal arrangements.
Address for applications:
Mineworkers’ Pension Scheme
PO Box 555
Stead House
Darlington
DL1 9YT
You can find more information on Discretionary Ill-Health benefits in the Summer 2018 edition of Pensions Newsline which is available here.
Notifying you of your benefits and options
About three months before you reach NRA, the Scheme Administrator will send out a Retirement Benefit Options statement to your home address. Please help us keep in contact with you, and let us know if you change your home address.