WHEN CAN YOU RETIRE WITH PENSION / LUMP SUM?
For Staff Employed Prior to 1/4/2004
From minimum retirement age of 60 up to maximum retirement age of 70.
For New Entrants (Staff Employed after 1/4/2004)
From minimum retirement age of 65 with no maximum retirement age. Further information on new entrants is contained in Circular Letter No. 03/2004.
Cost Neutral Early Retirement
From Ages 50 up to age 60 (for staff employed prior to 1/4/2004; and from ages 55 up to age 65 for new entrants (staff employed after 1/4/2004). Pension and Lump Sum will be reduced by an actuarial percentage because your pension will be paid earlier and for longer. For full details – see Circular Letter PEN 05/2005.
Permanent Infirmity (Disability Pension)
No age limit, minimum service required. Added years may be payable.
Teachers Voluntary Early Retirement at age 55 (or later) with 35 years’ Service
(also known as 55/35 rule) – this is specific to relevant teachers only and, unlike the Cost Neutral Early Retirement, does not incur actuarial reduction.