For every year that you’re a member of the Fund while working for the bank, you’ll build up a pension income. Members usually start taking this income when they reach their Normal Pension Age, which, in most cases, is either 60 or 65. You might be able to take it earlier or later if you want to. The earliest you can start taking your pension income is usually 55. If you become too ill to work, you might be able to take it sooner.
Once you start taking your pension income, we’ll pay it to you every month for the rest of your life.
How it’s worked out
The amount of pension income you’ll get is based on your salary at the bank, and how long you’ve been a member of the Fund. Check your schedule factsheet for more information about how it’s worked out.
If you’ve saved Additional Pension Contributions, or APeCs, you’ll get an extra pot of money to use alongside your pension income. You can take this money in a few different ways.
Depending on which Fund schedule you’re in, your pension income could go up a bit every year once you start taking it to help keep up with rising prices. These pension increases are capped, though, so they might not keep up if inflation is high.
Check your schedule factsheet to see how much your pension income could go up by.
Swap some of your income for tax-free cash
Instead of taking all of your pension as a monthly income, you can swap some of it for tax-free cash. This means you’ll get paid a lower amount as an income for life.