What are the late retirement increases?
If you choose to voluntarily retire after your Normal Pension Age, your benefits are initially calculated as detailed in the section how your pension is calculated and are then increased increased as a result of late payment.
The amount of increase will be calculated at the point of your retirement.
Remember that your pension has to be paid by your 75th birthday. Also, all pension benefits, if drawn voluntarily, must be drawn at the same time, irrespective of whether they were built up in the career average scheme or the final salary scheme.
