Approaching retirement
Starting to think about retirement can feel overwhelming. When it comes to your BOCPS benefits, there are several factors you should consider, including:
- Your age – if you retire before age 65 your pension will be reduced for early retirement
- How long you've been a member of the Scheme – your pensionable service will affect the benefits you have built up in the Scheme
- Whether the Company consents to early retirement (if applicable)
- Whether you have any other retirement savings elsewhere
The Normal Retirement Age for the Scheme is 65, but you can retire any time after age 55, subject to Company consent.
For more information about your pension take a look at Calculating your pension.
You can also use the pension modeller to estimate your benefits at different retirement ages.
If you think you're ready to retire, read the
Taking your benefits booklet
which explains the choices you have. To start taking your benefits, complete a
Retirement benefit claim form.
If you have more than one pension with BOC or Gist, you will need to complete two separate claim forms and your benefits will be paid separately.
Contact BOC Pension Services if you would like a Personal Retirement Illustration that will give you an estimate of your pension and cash lump sum.
Your retirement options
Retire with Company consent
With Company consent, you can retire from age 60 with no early retirement reduction if you have at least 10 years' Qualifying Service and complete the required notice period.
Between ages 55 and 60 your pension would have a 'subsidised' reduction:
| Age | Reduction |
|---|---|
| 55 | 10% |
| 56 | 8% |
| 57 | 6% |
| 58 | 4% |
| 59 | 2% |
Retire without Company consent
With Trustee consent, but without Company consent, you may retire between age 55 and 65. Your pension would also be reduced to reflect early payment by a 'full' rather than subsidised reduction:
| Age | Reduction |
|---|---|
| 55 | 30% |
| 56 | 28% |
| 57 | 25% |
| 58 | 23% |
| 59 | 20% |
| 60 | 17% |
| 61 | 14% |
| 62 | 11% |
| 63 | 8% |
| 64 | 4% |
The Trustee sets these factors on advice from the Scheme Actuary and they may change from time to time.
Guaranteed Minumum Pension (GMP)
If you have pensionable service before 6 April 1997, you will have a GMP element to your pension. Before you can retire, BOC Pension Services must check that the pension is not less (or will not be less) than your GMP at State Pension Age. If your pension is less than your GMP, you may be unable to take your pension early.
You can continue to contribute to the Scheme past your Normal Retirement Age. This would mean that you would receive a larger pension when you do choose to retire.
If the Company and the Trustee consent, you can also take your pension from age 55 and continue working. You might want to do this to ease yourself into retirement. As with early retirement, your pension would be reduced to reflect the early payment.
You can apply to the Trustee to give up part of your pension in order to provide extra pension for your Recognised Dependant after your death. You can only apply for this at the time of starting to take your pension. Contact BOC Pension Services for more information.