At HBOS we recognise that not all colleagues want to retire at the same time. It is also important that colleagues have an input into when and how they retire from the company.
For that reason, we don't have a contractual retirement age at which colleagues must retire. Instead retirement details are agreed between HBOS and the colleague.
The Group Money Purchase Scheme adopts a normal retirement age of 62 to help administer such things as lifestyle investments, but you are free to make your own choice about when to retire - subject to certain constraints.
From age 50 (55 from April 2010) you have a number of options about taking retirement and your pension benefits:
Flexible Retirement
You can draw all of your fund from the GMPS (even taking part of it as a tax free lump sum if you wish) and purchase an annuity, and still continue working for HBOS.
Voluntary Early Retirement
You can leave HBOS and take your benefits before age 62.
Late Retirement
Not everyone is ready to wind down in their early 60's and if you prefer, you can continue to work beyond 62 and continue paying into the Group Money Purchase Scheme. What's more, HBOS will also continue contributing to the Scheme.
Retirement at Age 62
Usually referred to as 'normal retirement', although we hope we've convinced you by now that the choice is yours. This option lets you draw all of your fund from the Group Money Purchase Scheme to purchase an annuity, and leave HBOS.
