Can the benefits be taken early?
Yes, the member can take their benefits earlier than their selected retirement age provided that the member is aged 50 or over at the time or on grounds of incapacity. However, if the transfer value includes any GMP, the member cannot take the benefits until the fund is large enough to purchase a pension at least equal to the revalued GMP at State Pension Age. Full commutation on grounds of serious ill health is also available but excludes any GMP.
