Okay, so there isn’t really a ‘best-before’ date, but your pension is designed to be paid from a set point in time – your Normal Retirement Date (NRD).

NRD is age 60 for most members. You may be able to take benefits earlier or later than this, but here’s a high level summary of what you should know if you do:

If you take your benefits earlier than your NRD

Your pension will be usually reduced because we expect it will be paid to you for a longer period of time.

Normally, the earliest you can take your pension is from age 55 (rising to age 57 in 2028).

If you are unsure of the earliest date on which you can take your benefits, contact the Barclays Team.

If you take your benefits after your NRD

Your pension usually won’t be any higher than if you took it at NRD.

Instead, you will receive a lump sum equal to the pension you would have been paid from NRD up to your later retirement date. This lump sum would be taxed as income at the date of payment, meaning that you may pay more tax than you need to, and it would be up to you to claim any overpaid tax back from HM Revenue & Customs (HMRC).

Important: If you have any defined contribution (DC) savings (like in Afterwork) then your benefits may increase if you retire after NRD, but this will depend on things like whether you have a Credit Account or where your savings are invested. The value of your benefits may also go down to reflect the performance of any investments.

A date you can work with

Knowing that your UKRF pension is designed to be paid from your NRD can help you plan your finances for the rest of your retirement. For example, if you know that you’ll have an income from your NRD until your State Pension kicks in, you can also work out when might be the right time to take any other retirement savings you have.

Get ready before NRD

You should ideally start thinking about your retirement plans a good 10 years before your NRD. This gives you time to consider all of your options and, if you need help, speak to an adviser authorised by the Financial Conduct Authority (FCA). Use the MoneyHelper directory to find one near you.

What if you’re already past your NRD?

Consider speaking with an FCA-authorised adviser to help you understand your options.

Once you are ready to claim your benefits, contact the Barclays Team.

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