Retirement guide
When it's time to start taking your pension, you'll be sent a retirement pack containing some forms you'll need to fill in. You need to return these forms to start receiving your pension.
The retirement pack includes guidance on how to complete the 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 you can take your pension depends on your circumstances. Please contact the Scheme administrator if you'd like to know the earliest age you can start taking your pension.
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. The majority of MPS members were not affected by this change.
A small number of MPS members cannot take reduced benefits until the age of 55. If this applies to you, the Scheme Administrator will have already contacted you to let you know. If you're unsure if the change applies to you, please contact us.
Discretionary ill health benefits
The Trustees are currently able to provide immediate, unreduced benefits to deferred members who are unable to to work due to physical or mental illness.
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. They will need to agree that you satisfy the criteria. If your application is unsuccessful, you can 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
Sunderland
SR43 4LE
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 retire, the Scheme Administrator will send you a Retirement Benefit Options statement. Please help us keep in contact with you, and let us know if you change your home address.