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Retirement age

There is much flexibility and choice in retirement under the Plan and more details on how you can arrange your retirement can be found in the following pages. This first page provides details on the ages from which you can draw your pension.

Normal retirement age

The retirement age under the Plan changes from 60 to 65 from 1 October 2006. This means that from the 1 October 2006 you have the following rights:

• You may retire from age 60 if you wish and take benefits without penalty. This will be classified as an early retirement (see early retirement and flexible retirement).
• You may continue to be employed by the Company up until your 65th birthday* without needing consent of the company. You can continue to save through the Plan with entitlement to all the benefits of membership.
• You may request to remain in service later than your 65th birthday.

The change in your retirement age from 1st October 2006 represents an additional right to you to work for as long as you wish or retire as early as suits you.

See also normal retirement.

Minimum retirement age

You can currently retire and use your Retirement Account to purchase benefits at any time from age 50. However, government changes mean that this will increase to 55 from 6th April 2010.

More information on early retirement, including details of ill health pensions and how you set up your early retirement benefits, can be found under early retirement and flexible retirement.

Maximum retirement age

If you are considering delaying your retirement, you will have to take your pension no later than your 75th birthday.

Also see late retirement.

Choosing your retirement age for investment purposes

Under the Lifestyle investment strategy you will need to select a target retirement age. This must be between the Minimum and Maximum retirement ages above. To find out more about how the Lifestyle investment strategy works see the Investment Options page. If you do not make an active choice regarding your retirement age, the Plan will assume you wish to retire at age 65.

* The Company's intranet pages provide further information on your employment rights.