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, but you can request to draw your benefits any time after age 55. If you are a closure member still employed by NFU Mutual, please see the HR early retirement policy for more details about retiring early as this may be subject to the Company’s consent. If you are not still employed by NFU Mutual and you wish to retire early or late, this may be subject to the Trustee’s consent. Please note that the government is planning to raise this minimum retirement age to 57 by 2028.

Retiring early

If you wish to retire before normal retirement age, unless you’ve completed 40 contributing years, your annual pension will be reduced for early payment, to take account for it being paid for longer.

Retiring late

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.