You can leave your Cash Balance fund in the RMPP until you decide to retire or decide to transfer it elsewhere.

While your benefits remain in the RMPP, discretionary increases are targeted each year on the same basis as whilst you were an employee member.

Every year we will send you a ‘current value’ statement showing you the value of your Cash Balance benefits.

Once you reach age 55, you can choose to take your benefits early, but they will be reduced because they are being paid early. The government is increasing the earliest age you can take your benefits from 55 to 57 with effect from 6 April 2028.

You may also be able to take your benefits early at any time due to ill health.  In that case, there is no reduction for early payment.

Taking your benefits early due to ill health

If, after leaving the RMPP, you later find yourself too ill to work, you might be able to take your benefits early on the grounds of ill health. You wouldn’t have to wait until you’re age 55, (or 57 from 6 April 2028) provided we approve your application after considering the medical evidence. In these circumstances, we’d pay your benefits without any reduction.

How do I apply for early retirement?

To apply for early retirement or ill-health retirement, please contact the Pensions Service Centre.