Delayed retirement – Special Class Status

After working alongside dedicated and caring colleagues for many years, you may feel mixed emotions about retirement. Although the idea of spending more time doing the things you enjoy is appealing, you might feel like you’re not ready to stop working yet – you may feel like you have more to give.

If you aren’t a member with Special Class Status, see what it would mean for your pension to delay your retirement by a few years.

The example below is of a member with Special Class Status that retires at 55.

Example of a member with Special Class Status that retires at 55.

What would it mean for my pension if I delayed my retirement by a few years?

Retire at 55: £18,451 a year for life Lump sum of £46,765
Retire at 56: £19,483 a year for life: That’s £1,032 more per year than retiring at 55 Lump sum of £47,700: That’s £935 more than retiring at 55
Retire at 60: £24,718 a year  for life: That’s £6,267 more per year than retiring at 55 Lump sum of £51,632: That’s £4,867 more than retiring at 55

Example assumptions

  • The member was protected from moving to the 2015 scheme on 1 April 2015 and so remained in the 1995 scheme beyond this date. If they continue working beyond 1 April 2022, all benefits built up from this date will be in the 2015 scheme.
  • Individual is a member with Special Class Status who reached age 55 after 31 March 2022, so did not have full protection from moving into the 2015 Scheme.
  • Individual does not have Mental Health Officer Status.
  • Individual has a pensionable salary of £44,503 (Band 7).
  • The illustrations are based on the current actuarial factors in force in the Scheme (August 2021 – here).
  • The illustrations do not allow for the uptake of certain options that members may be able to exercise, for example, they do not allow for the exchange of additional pension for cash.
  • Salary increases after the 2021 award (3%) are assumed to be 2% p.a.
  • Figures quoted may incorporate a small degree of rounding.
  • All of the examples are illustrative only and are not designed to represent the particular circumstances of any one individual. Check your Special Class status, or your Mental Health Officer Status.
  • Find out which pension scheme you are a member of.

See below for more detail:

Retire at 55 1995 Section 2015 Scheme Total
Service 28 6 34
Pension £15,588 p.a. £2,863 p.a.* £18,451 p.a.
Lump sum £46,765
Retire at 56 1995 Section 2015 Scheme Total
Service 28 7 35
Pension £15,900 p.a. £3,583 p.a.* £19,483 p.a.
Lump sum £47,700
Retire at 60 1995 Section 2015 Scheme Total
Service 28 11 39
Pension £17,211 p.a. £7,507 p.a.* £24,718 p.a.
Lump sum £51,632

*includes early retirement adjustment of 43.7% at 55, 41.3% at 56 and 30% at 60.

Current members of the 1995 Section may be subject to membership time limits so may not be able to continue contributing to their pension if they choose to delay retirement.

Talk to your manager to find out more about your flexible working options.

See your personal pension details on your Total Reward Statement

Looking for more flexible working options?