A key feature of the 2008 Section and the 2015 Scheme is the provision for partial retirement or Draw Down.
On reaching age 55 members become eligible to take some of their pension if the annual rate of their pensionable pay is reduced by 10% or more of their pensionable pay received in the preceding 12 months.
To be eligible for Draw Down you must:
- be at least age 55
- be an active member of the Scheme
- reduce your actual pensionable pay by at least 10% (for GPs a 10% reduction in commitment is required)
- have had the previous level of pensionable pay for at least 12 months
- expect the new level of pensionable pay to last at least 12 months
- not have already drawn down on two occasions
Draw Down benefits paid between the ages of 55 and the member's Normal Pension Age (NPA) must be actuarially reduced.
A member who has benefits in both the 1995 Section and the 2015 Scheme can draw down only from the 2015 Scheme subject to satisfying the appropriate eligibility conditions above. This is because drawn down is not a feature of the 1995 Section.
For more information, please see the Draw Down application factsheet on our website.