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The press has been full of news concerning the changes made to the state pension in recent years; most notably the different retirement ages for people depending on date of birth.

The CPS too has had to change its benefit structure due to increased liability as a result of higher life expectancy, and the need to ensure the scheme’s long-term financial sustainability. To make it easy to identify when you can retire, this page contains details of the earliest age at which you can access your pension without any reductions for the various sections of the scheme.

 

Everyone’s Normal Retirement Age (across all sections) = 65 years old

 

Earliest retirement age for :

 

FINAL SALARY BENEFITS (Accrued to 31/12/2012)

Unreduced Benefits payable at:

Joined before 01/12/2009

 60

 

Joined after 30/11/2009 

 

65

 

 

CRB BENEFITS

(Accrued from 01/01/2013)

Unreduced Benefits payable at:

Joined before 01/12/2009

63

Joined after 30/11/2009

65

Joined before 01/12/2009 and paying an additional 3.5% contribution

60

Joined after 31/12/2012

(Hybrid member)

65

 

Pensions which consist of Final Salary and Career-Revalued Benefits (accrued as part of a continuous membership) cannot be split - so for Final Salary members who also have CRB rights accrued without a break in employment, both parts of the pension must come into payment at the same time.

 

Members who are qualify for ill health or incapacity retirement can access their pension early without any penalties, and can even qualify for enhancements to their pension.

 

For a projection of your retirement benefits, please contact the Pensions Office