The normal retirement date is the first of the month on or after your 60th birthday. However, you can retire earlier. You can retire on the first of any month on or after your 50th birthday. It is also possible to retire after your normal retirement date.
If you want to retire early
In order to receive early retirement benefits you must be over the age of 50 and no longer working. You should notify Saxon Pension Services (Saxon Pension Services are Silver Thatch Pensions client services agent) and also notify your employer as soon as you choose a retirement date. You will be sent an Early Retirement Form. This form should be completed and returned to Saxon Pension Services at least 30 days before your planned retirement date. This form will be used to select your benefit option.
Keep in mind that if you return to work after your early retirement date but before age 60, your retirement benefits will be cancelled and you must resume contributions to the your Pension Plan.
If you want to begin receiving benefits at or after your normal retirement date
You can begin to receive your retirement benefits at any time after your 60th birthday, whether you are still working or not. To do so you need to notify Saxon Pension Services (Saxon Pension Services are Silver Thatch Pensions client services agent) that you would like to begin receiving benefits. You will be sent a Normal Retirement Form. This form should be completed and returned to Saxon Pension Services.
Keep in mind that if you keep working or return to work after your normal retirement date, you will not be required to make basic contributions, any contributions received from you or your employer will be treated as AVCs (Additional Voluntary Contributions)