When you can retire

The Scheme’s Normal Pension Age is 65. However, if you want to, you may be able to retire earlier or later than this, depending on which section you’re in.

Taking your benefits early

You may be able to take your benefits earlier than 65 – from age 55 in most cases, although changes to legislation mean this will increase to age 57 if you retire after 6 April 2028.

But if you choose to retire before age 65, your pension will be reduced because it is being paid early, and potentially for a longer period. You may also need your employer and the Trustees to agree you can take your benefits early. Check your member guide for details.

Taking your benefits late

You may not have to take your benefits at 65. If you’re in an eligible section and are still working for Santander, you can delay taking your benefits and get a higher pension when you do decide to take it. However, there may be a limit on how much pension you can build up, check your member guide for details.

Normally, you need to take your benefits by the time you reach age 75.

Taking benefits and continuing to work

You can take your benefits and carry on working. If you do this, you won’t be able to build up any more benefits in the Scheme. You’d need to join LifeSight to build up any future benefits.

If you’re a current Santander employee, you can find out more about LifeSight on One HR under the Rewarding you section.

Check your member guide to find out: