XPS will hold a Normal Pension Age (NPA) for you. You can find out what your NPA is by logging on to XPS’s secure online member portal, MyPension. You can also find more information about MyPension under Manage Pension Online. If you also have a DC Section pension, you’ll see your Target Retirement Date for that too. However, you can choose to retire at any age after 55 (increasing to 57 from April 2028).
If you change the age at which you want to retire, this will change the amount you’ll receive each year. You can use the modeller on MyPension to see the difference. See ‘How much will I get when I retire?’ lower down this page.
Your NPA may be different to the age that you will be able to claim your State Pension, State Pension Age (SPA).
Log in to MyPension to check your NPA
Find out your State Pension Age
XPS will contact you about four to seven months before you reach your Normal Pension Age as a reminder that you’re able to take your pension. You’ll need to contact XPS to request a retirement pack.
If you’re not ready to take your pension at that point, you won’t need to do anything until you decide you want to retire. You can take your pension at any time after your NPA, but you’ll need to let XPS know that you’d like a retirement quote.
You can see the relevant “retirement timeline” below which sets out the retirement process for when you claim your pension.
You can run estimated retirement quotes on the XPS secure member portal, MyPension by following the steps below:
You can run an unlimited number of estimated retirement quotations on the modeller. This is the fastest and easiest way for you to see what your options could be at retirement.
Go to MyPension
You can take your pension at any time between age 55 (increasing to 57 in April 2028) and age 75.
If you’d like to check what your retirement age is, or get a retirement quote now (if you’re over 55) you can run estimated retirement quotes by logging in to your MyPension account.
If you take your benefits earlier than your Normal Pension Age (NPA), your yearly pension will be reduced, because you’ll be receiving payments for longer.
If you take your pension later than your Normal Pension Age, your yearly pension will be higher because you’ll be receiving payments for less time.
If you’d like to take your pension earlier or later than your NPA, please let XPS know to update your records. You’ll still be able to take your pension at any time if your circumstances change.
Go to MyPension to run an estimated retirement quote.
If you have a DC pension pot with Legal & General (L&G), you can change your Target Retirement Age (TRA) on L&G’s online portal – Manage Your Account.
If you also have a pension pot with Prudential, your NPA will match what is on your XPS MyPension portal.
If you’re below the minimum retirement age (currently 55, increasing to 57 in 2028) and are unable to work due to ill health, you may be able to claim your pension before the minimum retirement age on the grounds of ill health.
If you currently work for the Partnership, you’ll need to discuss retiring on the grounds of ill-health with your manager.
If you no longer work for the Partnership, you can contact XPS to find out if you may be eligible for this.
Everyone’s lives are different, with different priorities and commitments, and so how much you’ll need when you retire is very personal to you.
Being in control and making a plan can make it much easier when the time comes to start taking your pension.
Consider how much you’ll want to have as retirement income. Think about your mortgage or rent, food bills, family commitments and even how much you’ll need for meals out or holidays.
Think about other pension pots you might have elsewhere, including the State Pension. You can find out how much you’ll get by visiting the government’s website.
Take a look on your XPS MyPension account to see how much pension you could get from your Partnership pension.
Use the Pension Calculator tool on the government’s MoneyHelper website which will work out how much you could expect to have at retirement.
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
