A group pension is one that has been set up by a company for its employees. Your employer pays into this pension on your behalf and you may also make your own contributions.
The contributions paid in to your group pension scheme by you and your employer grows into a pension fund that will provide you with your pension benefits when you retire.
When can I retire?
With a group pension you can retire at any time between the ages of 50 and 70 but some restrictions may apply if you retire before the age of 60.
How do I take my pension benefits?
If you are a member of a group pension scheme and want to find out more about your retirement options, please contact your employer or trustee contact. You will find details of the trustee contact on your Friends First Annual Benefit Statement, or alternatively you can contact your Human Resources department.
If you need financial advice in deciding what retirement options to take, your Employer Pension Scheme will have an appointed Financial Broker (or Pension Adviser). The Trustee Contact or your Human Resources department will be able to direct you to them.