PSI9.1.9 - Service after Normal Retirement Date: General Post-FA 1989 Basis - Vesting Date

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

[PN6.1, 6.3 & 7.32]

For those members subject to the post-Finance Act 1989 basis for late retirement (see PSI9.1.1) no benefits may be taken before actual retirement or leaving service unless the member reaches the age of 75 (but see PSI25.3.1 in relation to the payment of AVC benefits). They must then come into payment at age 75 even if the member remains in the employer's service beyond that date. Where the member has a benefit entitlement in the same scheme that relates to

• employment with a participating employer, and
• a pension credit benefit

the benefits relating to the pension credit can be paid

• at any time after age 50 and by 75 at the latest and
• independently of the conditions relating to the payment of benefits relating to the employee membership of the scheme (see PSI24.1.8).