If you are aged 55 or over, your main benefits are payable immediately without any early retirement reductions if:
- your employer retires you on the grounds of business efficiency
- you have been in the scheme for two years
What is the meaning of 'business efficiency' grounds for retirement?
The scheme regulations themselves do not include a definition of 'business efficiency' and there isn't a general law definition that your employer could rely on either. It is each employer's responsibility to interpret what is meant by business efficiency within their organisation.