The Scheme Actuary has confirmed that the Scheme meets both the Funding Standard and the Funding Standard Reserve as at 31 December 2017. Accordingly, and subject to the Scheme continuing to meet these statutory requirements, early retirement (i.e. before Normal Retiring Age) is now permitted for deferred members over the age of 50 at an actuarially reduced rate. Last year, the Trustee wrote to deferred members over age 50 with details of the process by which applications for early retirement may be made. If you are a deferred member and over age 50 and did not receive a letter, you should contact the Diageo Pension Team at Capita. Please note that the opportunity to apply for early retirement will remain as long as the Scheme continues to meet both the Funding Standard and Funding Standard Reserve.
As the Scheme meets the Statutory Funding Standard, transfer values are available to deferred members who wish to transfer out of the Scheme.
Before making any decisions in relation to your pension please consider your options carefully and consider taking independent financial advice.