Subject to the consent of the Company, it may be possible for you to claim your pension early from age 50. The pension will be reduced to allow for early retirement and the amount of the reduction will depend on your age at at the date of retirement.
However, the Scheme currently has a deficit and does not satisfy the statutory Minimum Funding Standard set out in the Pensions Act. Therefore, to protect the interest of all members, the Trustee, on advice of the actuary, has withdrawn until further notice the option for members to take their pension benefits early.
Similar measures have been introduced by trustees of other Irish private sector defined benefit pension arrangements.