I HAVE LEFT

Overview

The Scheme has been designed around a Normal Retirement Age of 65. However you can take your benefits at any time after age 55 provided the Trustee and the Company give their consent. You usually have to take your pension by age 75 but you can leave it for later if you wish.

You don’t have to stop working for the Company to take your KPS-MP pension. This is called ‘flexible retirement’ and needs the Trustee’s and the Company’s consent.

The benefits payable at retirement will depend on your benefits in the KPS-FS, KPS-MP or both. It will also depend on when you choose to retire.

KPS-FS benefits

If you choose to retire before your Normal Retirement Date then your benefits may be reduced. Broadly speaking, your deferred pension will be reduced by 4% for each year before your Normal Retirement Date.

However, if you were a member of the KPS-FS at date of closure (30 June 2012) and decide to take payment of your deferred pension whilst still working for the Company between age 55-60, your pension will be reduced by 3% for each year before age 60. No reduction is applied when retiring from the KPS-FS on or after age 60 whilst still working for the Company.

If you choose to retire at your Normal Retirement Age, your deferred pension will be revalued to your date of retirement in line with the increases in the Retail Prices Index up to a maximum of 5% per annum.

KPS-MP benefit

The KPS-MP has been designed around a Normal Retirement Age of 65. However you can take your benefits at any time after age 55 provided the Trustee and the Company give their consent. You usually have to take your pension by age 75 but you can leave it for later if you wish.

KPS-FS & KPS-MP linked benefits

If you have both KPS-FS and KPS-MP linked benefits then your options will primarily be final salary focused with your money purchase benefits used to enhance your benefits. However should you not wish to use your money purchase benefits to enhance your final salary benefits, further information will be provided at retirement to explain your options.