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Early retirement

As with normal retirement, you can use your Retirement Account to purchase retirement benefits for yourself and your Dependants. If you retire early, your benefits will be lower because:

• Less contributions will have been made and the monies in your Retirement Account will have had less time to grow.
• Your pension is expected to be paid for a longer period and therefore is more expensive to purchase.

You can currently retire and use your Retirement Account to purchase benefits at any time from age 50* (or earlier if on the grounds of ill-health). If you are under age 60 (under 65 from 1 October 2006), you will require the Company's permission which will not ordinarily be withheld should the appropriate period of notice be provided. Should you wish to consider this please discuss this with your line manager. Once approved you should contact the Plan administrators who will arrange for a quotation to be sent.

*Note that the Government has announced a change in this minimum age to 55 from 2010.