Leaving OSPS

When can I retire?

Your Normal Retirement Date is 31 July preceeding your 66th birthday. Please not that this date is for scheme benefit calculation. Your employer may or may not have an Employers Justified Retirement Age (EJRA) which will help determine your actual retirement date. Further details for University  employees can be found from Personnel Department.

How do I claim my benefits?

We will only issue formal retirement paperwork once we have received notification from your employer through a payroll change form(at the University) or  Advance notification of member retiring (RET1) form (84kb) (at an APE). If you have decided to retire, please ask your employer to complete the appropriate notificiation as soon as possible.

How will my pension be calculated?

• 1/80th x Final Pensionable Salary x Pensionable Service

In addition you will receive a cash lump sum (which under present legislation will be tax free) calculated as:

• 3/80ths x Final Pensionable Salary x Pensionable Service

Special conditions apply to those with pre-95 service

Can I take more or less cash?

Yes, you can give up some or all of your tax-free cash for additional pension, or you can give up some of your pension for additional tax free cash. The amount of tax-free cash is restricted by the Government, so you cannot take all of your benefits as tax free cash.

Can I retire before my normal retirement date?

Yes, you can retire with immediate benefit at any time after your 50th birthday, (age 55 from 6 April 2010 for members joining after 5 April 2006) provided you qualify for preserved benefits.

The pension and lump sum will be calculated as above, but will be reduced to reflect the fact that they are paid early.

If you retire on or after your 60th birthday the reduction is not applied, provided you joined the scheme before 1 August 2004 and qualify for preserved benefits.

Can I choose to retire after Normal Retirement Date?

Yes, but subject to the Employer Justified Retirement Age policy (if any) at your employer. In this case your pension and lump sum will be paid with effect from the day you actually retire.

If you are considering late retirement please contact the Pensions Office who will explain the Special Conditions that apply to the calculation of your benefits.