Benefits in the DB Section
The DB Section provides members with a range of valuable benefits, including:
- a pension when you retire
- the opportunity to take some of your pension as tax-free cash at retirement based on current tax rules
- annual statutory increases to your pension, once it’s being paid (for service after April 1997) (any increase granted for an earlier period of service or for pension in respect of AVCs is awarded at the discretion of the Trustee but with the consent of the Society)
- death benefits (including a spouse’s pension if you’re a closure member or a retired member of staff).
Normal retirement age is usually 60. If you’re a closure member still contributing to the defined contribution (DC) section, you can request to draw your benefits any time after the age of 55 (subject to NFU Mutual’s consent).
If you’re a closure member still contributing to the defined contribution (DC) section and you wish to retire before normal retirement age, unless you’ve completed 40 contributing years, your annual pension amount will be reduced for early payment, to take account for it being paid for longer.
If you’re a closure member still working for NFU Mutual, you can choose to delay drawing your pension from the DB Section after normal retirement age. Your annual pension amount will be increased to take account for later payment.