When you retire, you will be entitled to:
Your SLC pension is made up of two elements:
What you get when you retire will be based on both of these elements combined (Final Salary pension + CARE pension). You can find out more about each element on the your contributions and benefits page.
You would typically start to receive your pension and lump sum at your Normal Pension Age (NPA).
If you joined the industry:
You can choose to put your benefits into payment before your NPA but if you do these will be reduced for early payments – please select early retirement minimum age in the contents list below to find out more.
You can find out more about your NPA and how your annual pension and one-off lump sum are calculated on the your contributions and pension benefits page or in your member booklet.
The booklet also includes further details about all of the additional options outlined below.
The Annual Allowance (AA) is the total amount you can pay into all of your pension arrangements each tax year before tax will be charged.
It is currently £60,000.
You are responsible for letting HMRC know if you exceed the Annual Allowance. This can usually be done via self-assessment.
If your pension savings in the Magnox Pension Scheme are greater than either the AA or the Money Purchase Annual Allowance (MPAA), then we will send you a Pension Savings Statement (PSS) that will detail the benefits savings for the relevant period.
Your Annual Benefit Statement (ABS) will also give you an indication of how much of the AA you have used in respect of your savings in the Scheme. However, you will need to factor in the amount of savings you have built up in any other pension schemes that you are a member of separately.
You can carry forward any unused Annual Allowance for up to 3 years.
If you are liable for an Annual Allowance (AA) tax charge of £2,000 or more, you can elect for the Magnox Group to pay some, or all, of the charge on your behalf, rather than you pay it directly. Please see the information on Scheme Pays for more details.
You can find more information about tax on the MoneyHelper website.
While you are an active member of the Scheme, you can choose to delay taking your benefits beyond your Normal Pension Age, this is known as late retirement.
Whether you continue to pay normal contributions, and how your benefits are calculated, depends on the date you joined the industry. This is explained more fully in your member booklet.
While you are an active member of the Scheme, you can choose to delay taking your benefits beyond your Normal Pension Age, this is known as late retirement.
If you decide to defer the payment of your benefits, you will continue to pay contributions and build up benefits until you retire or leave.
When you retire, you will be entitled to:
These are based on a proportion of the years of Contributing Service you have built up until 1 April 2024 (your ‘Final Salary Pension’) and your Contributing Service on or after 1 April 2024 (your ‘CARE pension’).
You can typically claim your deferred benefits at your Normal Pension Age (NPA); however, you can choose to retire earlier or later – please select from the relevant options in the contents list to find out more.
You can find out more about your NPA and how your annual pension and one-off lump sum are calculated in your member booklet .
The booklet also includes further details about all of the additional options outlined here.
If the value of your Scheme benefits is £30,000 or less, you can ask to take it all as a lump sum, if that would work better for you in retirement.
If you take this option, your entitlement to benefits under the Scheme will stop and no death benefits will be payable if you die.
The value of your Scheme benefit is your pension plus the pension equivalent of your 3x annual pension lump sum.
You may be able to convert part of your benefit entitlement into an extra lump sum. You can see the current conversion factors below:
Magnox ESPS early retirement factors
This would be paid in addition to the lump sum you get when you retire (as outlined above).
The maximum lump sum you can take tax-free from all your pension arrangements is currently £268,275. This figure may be different for members with lifetime allowance protections.
Certain restrictions apply if you decide to take this option so be sure to check your member booklet for more information.
If you want to take an additional lump sum at retirement, you need to let Railpen know at least 2 months before you start receiving your pension. See the taking your benefits page for more information on the application process.
You may be able to claim your deferred Scheme benefits including your deferred Magnox pension and cash lump sum early if you are suffering from ill-health.
You will need to meet specific criteria to qualify for ill-health retirement, and your status will need to be confirmed by the Company’s appointed medical adviser.
You can find more details about this and how your pension and lump sum will be calculated in your member booklet or on the changes in circumstances page.
You may be able to claim your Scheme benefits early for ill-health. This means that you are no longer able to carry out any work that the Company may reasonably offer you (taking into account your previous job role).
You will need to meet your specific criteria to qualify for ill-health retirement, and your status will need to be confirmed by the Company’s appointed medical adviser.
You can find more details about this and how your pension and lump sum will be calculated in your member booklet.
Check the FCA register to make sure the company you’re talking to are authorised by the Financial Conduct Authority (FCA) and have permission from the FCA to give you financial services or advice.
You may be able to exchange/convert all, or part, of your Final Salary lump sum, for additional pension.
This option is available on request from the Scheme administrator, Broadstone.
You must give notice in writing during the month before retirement if you wish to take this option. Please see the taking your benefits page for more information on the application process.
Find out more in your member booklet.
Historically, the Lifetime Allowance (LTA) was the maximum amount you could build up in all of your registered pension savings throughout your working life before you had to pay additional tax.
It was abolished from 6 April 2024.
With the abolition of the LTA there is no limit on the amount of pension savings you can build up. However, lump sum limits or allowances have now been introduced, which affect how much can be paid in cash or transferred without tax charges.
This includes the Lump Sum Allowance (LSA) which for most people limits the tax-free cash or lump sum you can receive from all your pensions to £268,275 (the amount being the same as 25% of the LTA at abolition). If you have an LTA protection, you may have a higher allowance.
We've summarised the lump sum allowances below.
For more detailed information please visit gov.uk/tax-on-your-private-pension or the MoneyHelper website.
The Lump Sum allowance (LSA) is a cap on the amount of tax-free lump sum you can receive from all your registered pension arrangements.
The standard LSA is £268,275. If you have an LTA protection, you may have a higher allowance.
If the only pension arrangement you are a member of is the Magnox Pension Scheme, you only need to consider whether the total tax-free lump sum you want to take from the Scheme is more than your available LSA.
If you have previously taken pension benefits from either the Magnox Pension Scheme or another scheme, it will be taken into account and will reduce the available LSA for future retirements.
The Lump Sum and Death Benefits Allowance (LSDBA) is a cap on the tax-free lump sum that can be paid to, or in respect of, a member of a registered pension scheme.
If the value of lump sum death benefits means that the LSDBA will be exceeded, the excess may be taxed at the marginal rate of income tax of the person receiving it.
The standard LSDBA is £1,073,100.
If you have an LTA protection, you may have a higher allowance.
This only applies to transfers out to a Qualifying Recognised Overseas Transfer Scheme.
The OTA limit will be £1,073,100, unless a valid LTA protection is held.
If the transfer value exceeds the OTA, there will be an overseas transfer charge (OTC) of 25%.
You may be able to exchange/convert all, or part, of your Final Salary lump sum, for additional pension.
This option is available on request from the Scheme administrator, Broadstone.
If you want to take this option, you need to let Broadstone know at least 1 month before you start receiving your pension. See the taking your benefits page for more information on the application process.
Find out more in your member booklet.
Always reject any unexpected calls, emails, texts or social media approaches about pensions.
And don't take financial advice from a company that has contacted you out of the blue.
A government ban on cold calling regarding pensions came into force in January 2019. So, if you receive any unsolicited marketing calls about your pension, you should hang up.
You may be able to exchange some, or all, of your Final Salary standard lump sum to get extra pension.
Should you wish to consider converting part or all of your lump sum to pension, you will need to ask Railpen to provide a quotation of this.
If you want to take this option, you need to let Railpen know at least 1 month before you start receiving your pension. See the taking your benefits page for more information on the application process.
Find out more in your member booklet.
You may be able to start taking your pension while continuing to work. However, your employer’s consent may be required.
For more information on this option, please check with your employer. For members employed by NRS please refer to the Flexible Working Standard available on the intranet.
If you’ve paid Additional Voluntary Contributions (AVCs) you have a number of options regarding when, to take them. For example, you can:
You may also decide to use your AVCs in a number of different way. For example, you can use some, or all of your AVCs to:
increase your pension - either within the Scheme (this option is only available to members who started paying AVCs before 6 April 2006) or by buying a pension (annuity) with another provider on the open market.
There are a number of restrictions that apply. For example, if you wish to use your AVCs as an additional tax-free lump sum, the Rules first require a mandatory amount of CARE Pension to be given up for the tax-free lump sum. This is equivalent to the default lump sum you would have built up in the Scheme had CARE not been introduced. You can find out more about the steps used to calculate your tax-free lump sum in your member booklet.
You can find out more about taking your AVCs in the AVCs guide for the reformed SLC section.
If the value of your Scheme benefits are £30,000 or less, you can ask to take it all as a lump sum, if that would work better for you in retirement.
If you take this option, your entitlement to benefits under the Scheme will stop and no death benefits will be payable if you die.
The value of your Scheme benefit is your pension plus the pension equivalent of your three times annual pension lump sum.
Contact the Scheme administrator, Railpen, for more information.
You may be able to exchange/convert all, or part, of your standard lump sum, for additional pension.
This option is available on request from the Scheme administrator, Broadstone.
If you want to take this option, you need to let Broadstone know at least 1 month before you start receiving your pension. See the taking your benefits page for more information on the application process.
Find out more in your member booklet.
The earliest age that you can usually access your pension and is set by the government and is known as the Normal Minimum Pension Age (NMPA). This is currently age 55, though this is rising to age 57 from 6 April 2028.
This change will not affect your ability to take your pension earlier than these ages due to ill health, or if you qualified for an earlier Protected Pension Age (PPA).
PPAs essentially protect rights for individuals who had the right to take their benefits prior to NMPA before it increased. Which PPA may apply to you depends on the Magnox Group’s rules, your own circumstances, when you joined the Scheme, whether you are a “Protected Person” under the Electricity and Energy Acts and under which type of early retirement you may access your pension.
The below table summarises the Magnox Group’s current NMPA and PPA, how it will change from 6 April 2028 and whether any PPAs apply:
| Type of early retirement | Affected members | Current position | From 6 April 2028 |
| Flexible or voluntary early retirement | All actives and deferreds | From NMPA age 55 | From NMPA age 57 |
| Reorganisation or redundancy | Active members who:
| PPA of 50 Note: if a member does not retire immediately upon leaving then they would forfeit their PPA of 50 and the earliest they could subsequently access their pension would be age 55. | PPA of 50 Note: if a member does not retire immediately upon leaving then they would forfeit their PPA of 50 and the earliest they could subsequently access their pension would be age 57. |
| Reorganisation or redundancy | Active members who:
| From age 55 | PPA of 55 |
Types of Early retirement
There are 3 types of early retirement:
The earliest age you can retire (before your NPA) depends on the type of early retirement as described above.
If you decide to start receiving your pension before your NPA, in most circumstances it will be reduced for early payment. For more information please refer to the member booklet. To see the current early retirement factors, please refer to the Magnox - ESPS factors document.
The earliest age that you can usually access your pension and is set by the government and is known as the Normal Minimum Pension Age (NMPA). This is currently age 55, though this is rising to age 57 from 6 April 2028. This change will not affect your ability to take your pension earlier than these ages due to ill health, or if you qualified for an earlier Protected Pension Age (PPA).
PPAs essentially protect rights for individuals who had the right to take their benefits prior to NMPA before it increased. Which PPA may apply to you depends on the Magnox Group’s rules, your own circumstances, when you joined the scheme, whether you are a “Protected Person” under the Electricity and Energy Acts and under which type of early retirement you may access your pension.
The below table summarised the Magnox Group’s current NMPA and PPA, how it will change from 6 April 2028 and whether any PPAs apply:
| Type of early retirement | Affected members | Current position | From 6 April 2028 |
| Flexible or voluntary early retirement | All active and deferred members | From NMPA age 55 | From NMPA age 57 |
| Reorganisation or redundancy | Active member who:
| PPA of 50 Note: if a member does not retire immediately upon leaving then they would forfeit their PPA of 50 and the earliest they could subsequently access their pension would be age 55. | PPA of 50 Note: if a member does not retire immediately upon leaving then they would forfeit their PPA of 50 and the earliest they could subsequently access their pension would be age 57. |
| Reorganisation or redundancy | Active members who:
| From age 55 | PPA of 55 |
Types of early retirement
There are 3 types of early retirement:
You can start receiving your benefits before your NPA. The earliest age will depend on the type of early retirement you take, as described above. If you decide to start receiving your pension before your NPA, in most circumstances it will be reduced for early payment . For more information please refer to your member booklet. You can also see the current early retirement factors.
If you want to retire early for whatever reason, you need to let Broadstone know at least 3 months before you plan to stop work. See the taking your benefits page for more information on the application process.
You may be able to exchange/convert part of your benefit entitlement into an extra lump sum.
You can see the current conversion factors below:
This would be paid in addition to the lump sum you get when you retire (as outlined above). However, it cannot be more than 25% of the value of your pension benefits overall.
If you want to take an additional lump sum at retirement, you need to let Broadstone know at least 2 months before you start receiving your pension. See the taking your benefits page for more information on the application process.
There are some further restrictions too so make sure to check your member booklet and lump sum allowance information.
The earliest age that you can usually access your pension and is set by the government and is known as the Normal Minimum Pension Age (NMPA). This is currently age 55, though this is rising to age 57 from 6 April 2028. This change will not affect your ability to take your pension earlier than these ages due to ill health, or if you qualified for an earlier Protected Pension Age (PPA).
PPAs essentially protect rights for individuals who had the right to take their benefits prior to NMPA before it increased. Which PPA may apply to you depends on the Magnox Group’s rules, your own circumstances, when you joined the scheme, whether you are a “Protected Person” under the Electricity and Energy Acts and under which type of early retirement you may access your pension.
The below table summarised the Magnox Group’s current NMPA and PPA, how it will change from 6 April 2028 and whether any PPAs apply:
| Type of early retirement | Affected members | Current position | From 6 April 2028 |
| Flexible or voluntary early retirement | All active and deferred members | From NMPA age 55 | From NMPA age 57 |
| Reorganisation or redundancy | Deferred members who:
| PPA of 50 Note: provided the member did not waive this right on redundancy. | PPA of 50 Note: provided the member did not waive this right on redundancy. |
| Reorganisation or redundancy | Deferred members who:
| From age 55 | PPA of 55 |
Early retirement
You can start receiving your deferred benefits before your NPA. The earliest age will depend on how you left the Scheme as shown in the above table. If you decide to start receiving your pension before your NPA, it will be reduced for early payment unless you left under redundancy with a right to an unreduced pension. See the current early reduction factors for more information.
There are 2 types of early retirement. In both cases you may be able to take your deferred benefits before Normal Pension Age (NPA). These are:
If you joined the industry on or after 1 April 1988, your Normal Pension Age (NPA) is 63. You can take your pension any time from age 60. If you voluntarily decide to claim it earlier than your NPA, it will be reduced to reflect this.
For male members who joined the Scheme before 1 April 1988 and left service on or after 17 May 1990, your Normal Pension Age is 60. Any benefits you earned before 17 May 1990 will be reduced to take into account the fact that they were originally payable from age 63 and are therefore being paid three years early. If you defer taking your benefits until the age of 63, an enhancement will be applied to benefits earned after 17 May 1990 to reflect late payment.
If you have protected status and left the Scheme due to redundancy or reorganisation, you will be able to take your deferred benefits at age 50 unless you waive this right when you leave.
If you don’t have protected status and left the Scheme due to redundancy or reorganisation, you will be able to take your deferred benefits at age 55 unless you waive this right when you left but discounting will be applied for early payment.
You can find more information in your member booklet or by contacting the Scheme Administrator, Broadstone.
Never allow yourself to be rushed into a decision. Take your time to make all the checks you need - even if this means turning down an 'amazing deal'.
You may be able to exchange part of your pension for an additional lump sum. You can see the conversion factors below:
This would be paid in addition to the lump sum you get when you retire (as outlined above).
The maximum lump sum you can take tax-free from all your pension arrangements is currently £268,275. This figure may be different for members with Lifetime Allowance protections.
Certain restrictions apply if you decide to take this option so be sure to check your member booklet for more information. You should also check the lump sum allowance details on the tax allowances page.
If you want to take an additional lump sum at retirement, you need to let Broadstone know at least 2 months before you start receiving your pension. See the taking your benefits page for more information on the application process.
You may be able to exchange part of your pension to provide additional pension for your spouse, or to provide a pension for any other dependant when you die. The person named as your dependant can be:
If your dependant is a child, they will not receive a dependant’s pension until they are 18 years old, unless they have a permanent disability.
Contact the Scheme administrator, Broadstone, for more information
Be very wary if you're offered a free pension review or advice by anyone.
You may be able to exchange part of your pension to provide extra pension for your spouse, or to provide a pension for any other dependant when you die.
The person named as your dependant can be:
If your dependant is a child, they will not receive a dependant’s pension until they are 18 years old, unless they have a permanent disability.
You must give notice in writing during the month before retirement if you wish to take this option.
Contact the Scheme administrator, Railpen, for more information.
When you retire and come to claim your deferred benefits, you will be entitled to:
These are based on your Final Salary and CARE elements.
You can typically claim your deferred benefits at your Normal Pension Age (NPA).
You can choose to put your benefits into payment before your NPA but if you do these will be reduced for early payments – please select early retirement minimum age below to find out more.
You can find out more about your NPA and how your annual pension and one-off lump sum are calculated in your member booklet.
The booklet also includes further details about all of the additional options outlined below.
If you are an active member (i.e. still paying in) and are liable for an Annual Allowance (AA) tax charge of £2,000 or more, you can elect for the Magnox Group to pay some, or all, of the charge on your behalf, rather than you pay it directly. This is known as Scheme Pays.
In this instance we record the amount of AA charge paid as a notional negative amount and arrange for this to be paid on your behalf.
We then charge you interest on the amount of tax paid each April. This is done up until the time you retire/transfer, at an interest rate set by the Scheme Actuary.
When you retire, the total amount due, will be deducted from your benefits. How this is done depends on whether or not you have an AVC pot, as explained below.
If you have an AVC pot and you opt for the Scheme to pay some or all of your AA charge, then it will be taken from your AVC pot at the time it is paid to you.
If do not have an AVC pot and you opt for the Scheme to pay some or all of your AA charge, then the benefits that you get when you retire/transfer will be reduced in order for Scheme to recover the tax paid on your behalf.
If you’re an active member of the SLC reformed section, the principles explained here may apply primarily to the Final Salary element of your whole benefits (Final Salary + CARE). The Trustees will monitor this approach to ensure it remains suitable.
For more information about the Annual Allowance, including how to know if you might exceed it, and what to do next, select Annual Allowance from the contents list above.
If you are interested in using Scheme Pays to pay an AA charge, please contact the Scheme administrator, Broadstone.
You can also find more information about tax on the MoneyHelper website.
Scammers may tell you that your current pension scheme will try to stop you transferring out, suggesting they just want to keep your money. This is not the case.
If your Scheme administrator, Broadstone, suspects a scam, we have a legal obligation to try to protect your funds.
You can read more on the Transferring your pension pages:
You may be able to exchange part of your pension for an additional lump sum. You can see the current conversion factors below:
This would be paid in addition to the standard lump sum you get when you retire (as outlined above).
There are some restrictions so make sure to check your member booklet and lump sum allowance information.
Don't be fooled by slick-looking brochures and websites - anyone can pay for a professional-looking one.
Check all the contact details and accreditation you see there. If there are none, then it's probably a scam.
Scammers are clever, and they can make their contact numbers look like ones you would usually trust.
A scammer’s message might even appear in a conversation with legitimate texts you’ve already received. If you’re suspicious, avoid clicking links in text messages.
Check who you’re speaking to by contacting the company directly. Don’t use the numbers or address in the message, use the details from their official app or website.
If you get an email, double check the email address details to see exactly who it has come from. While it might seem legitimate, if it’s a scam, the email address the message has come from might not match up with the sender’s name.
Other tell-tale signs to look out for are:
You may be able to exchange/convert all, or part, of your standard lump sum, for additional pension.
This option is available on request from the Scheme administrator, Broadstone.
If you want to take this option, you need to let Broadstone know at least 1 month before you start receiving your pension. See the taking your benefits page for more information on the application process.
Find out more in your member booklet.
At your NPA, you will be entitled to:
These are based on a proportion of your Pensionable Salary and the years of Contributing Service you have built up.
Your benefits usually come into payment at your Normal Pension Age (NPA).
You can choose to put your benefits into payment before your NPA but if you do these will be reduced for early payments – please select early retirement minimum age below to find out more.
You can find out more about your NPA and how your annual pension and one-off lump sum are calculated in your member booklet.
The booklet also includes further details about all of the additional options outlined below.
Sometimes scammers may pretend to be from a reputable company, such as a one authorised by the FCA, or even someone representing the Magnox Pension Scheme or the Scheme administrator, Broadstone.
If someone has approached you claiming to be from a well-known organisation, check that the contact details they’re giving you match exactly with any letters you’ve previously received.
You could also contact the company directly, using the contact details from their official website or on the FCA register.
This is the total amount you can pay into any defined contribution pension arrangements each tax year before tax will be charged.
It is currently set at £10,000.
The Money Purchase Annual Allowance (MPAA) only comes into effect if you have already taken some of your defined contribution savings as cash or a short-term annuity from a flexi-access drawdown fund, cash from a pension pot (‘uncrystallised funds pension lump sums’) or if you have taken more than the limit from a capped drawdown fund.
You can find more information about tax on the MoneyHelper website.
You may be able to claim your deferred Scheme benefits early for ill-health. This means that you are no longer able to carry out any work that the Company may reasonably offer you (taking into account your previous job role).
You will need to meet your specific criteria to qualify for ill-health retirement, and your status will need to be confirmed by the Company’s appointed medical adviser.
You can find more details about this and how your pension and lump sum will be calculated in your member booklet and one the changes to circumstances page.
If you paid Additional Voluntary Contributions (AVCs) while you were an active member of the Scheme you have a number of options regarding when, to take them. For example, you can:
You may also decide to use your AVCs in a number of different way. For example, you can use some, or all of your AVCs to:
increase your pension - either within the Scheme (this option is only available to members who started paying AVCs before 6 April 2006) or by buying a pension (annuity) with another provider on the open market
You can find out more in the AVC guide linked below:
You may be able to exchange part of your pension to provide additional pension for your spouse, or to provide a pension for any other dependant when you die. The person named as your dependant can be:
If your dependant is a child, they will not receive a dependant’s pension until they are 18 years old, unless they have a permanent disability.
You must give notice in writing during the month before retirement if you wish to take this option. See the taking your benefits page for details on the retirement process.
Your Annual Allowance (AA) will be tapered if you are a high earner and:
With the TAA for every £2 of adjusted income over £260,000, your Annual Allowance reduces by £1, down to a possible minimum of £10,000.
The maximum AA remains at the standard limit of £60,000 (see the Annual Allowance above for more details).
If your total taxable income is over £200,000, you should check if the Tapered Annual Allowance applies to you.
You can find more information about tax on the MoneyHelper website.
The earliest age that you can usually access your pension and is set by the government and is known as the Normal Minimum Pension Age (NMPA). This is currently age 55, though this is rising to age 57 from 6 April 2028. This change will not affect your ability to take your pension earlier than these ages due to ill health, or if you qualified for an earlier Protected Pension Age (PPA).
PPAs essentially protect rights for individuals who had the right to take their benefits prior to NMPA before it increased. Which PPA may apply to you depends on the Magnox Group’s rules, your own circumstances, when you joined the scheme, whether you are a “Protected Person” under the Electricity and Energy Acts and under which type of early retirement you may access your pension.
The below table summarised the Magnox Group’s current NMPA and PPA, how it will change from 6th April 2028 and whether any PPAs apply:
| Type of early retirement | Affected members | Current position | From 6 April 2028 |
|---|---|---|---|
| Flexible or Voluntary early retirement | All active and deferred members | From NMPA age 55 | From NMPA age 57 |
Deferred members who:
| PPA of 50 Note: provided the member did not waive this right on redundancy. | PPA of 50
| |
Deferred members who:
| From age 55
| PPA of 55
|
There are 2 types of early retirement.
In both cases you may be able to take your deferred benefits before Normal Pension Age (NPA). These are:
You can find more information in your member booklet or by contacting the Scheme Administrator, Railpen.
You may be able to claim your deferred Scheme benefits early if you are suffering from ill-health. This means that you are no longer able to carry out any work that the Company may reasonably offer you (taking into account your previous job role).
You will need to meet specific criteria to qualify for ill-health retirement, and your status will need to be confirmed by the Company’s appointed medical adviser.
You can find more details about this and how your pension and lump sum will be calculated in your member booklet or on the changes in circumstances page.
If you paid Additional Voluntary Contributions (AVCs) while you were an active member of the Scheme, then you have a number of options regarding when, to take them. For example, you can:
You may also decide to use your AVCs in a number of different way. For example, you can use some, or all of your AVCs to:
There are a number of restrictions that apply. For example, if you wish to use your AVCs as an additional tax-free lump sum, the Rules first require a mandatory amount of CARE Pension to be given up for the tax-free lump sum. This is equivalent to the default Lump Sum you would have built up in the Scheme had CARE not been introduced.
You can find out more in the AVC guide linked below.
You may be able to start taking your pension while continuing to work. However, your employer’s consent will be required.
For more details on this option, refer to the Flexible Working Standard available on NRS's intranet.
When you retire, you will be entitled to:
These are based on a proportion of your Pensionable Salary and the years of Contributing Service you have built up.
Your benefits usually come into payment at your Normal Pension Age (NPA).
If you joined the industry:
You can choose to put your benefits into payment before your NPA but if you do these will be reduced for early payments – please select early retirement minimum age below to find out more.
You can find out more about your NPA and how your annual pension and one-off lump sum are calculated in your member booklet.
The booklet also includes further details about all of the additional options outlined here.
The earliest age that you can usually access your pension and is set by the government and is known as the Normal Minimum Pension Age (NMPA). This is currently age 55, though this is rising to age 57 from 6 April 2028. This change will not affect your ability to take your pension earlier than these ages due to ill health, or if you qualified for an earlier Protected Pension Age (PPA).
PPAs essentially protect rights for individuals who had the right to take their benefits prior to NMPA before it increased. Which PPA may apply to you depends on the Magnox Group’s rules, your own circumstances, when you joined the scheme, whether you are a “Protected Person” under the Electricity and Energy Acts and under which type of early retirement you may access your pension.
The below table summarised the Magnox Group’s current NMPA and PPA, how it will change from 6 April 2028 and whether any PPAs apply:
| Type of early retirement | Affected members | Current position | From 6 April 2028 |
| Flexible or voluntary early retirement | All active and deferred members | From NMPA age 55 | From NMPA age 57 |
| Reorganisation or redundancy | Deferred members who:
| PPA of 50 Note: provided the member did not waive this right on redundancy. | PPA of 50 Note: provided the member did not waive this right on redundancy. |
| Reorganisation or redundancy | Deferred members who:
| From age 55 | PPA of 55 |
Early retirement
You can start receiving your deferred benefits before your Normal Pension Age (NPA). The earliest age will depend on how you left the Scheme, as shown in the table above.
If you decide to start receiving your pension before your NPA, it will be reduced for early payment unless you left under redundancy with a right to an unreduced pension.
For more information on the current early reduction factors please see the document below:
If you joined the industry on or after 1 April 1988, your Normal Pension Age (NPA) is 63. You can take your pension any time from age 60. If you voluntarily decide to claim it earlier than your NPA, it will be reduced to reflect this.
For male members who joined the Scheme before 1 April 1988 and left service on or after 17 May 1990, your Normal Pension Age is 60. Any benefits you earned before 17 May 1990 will be reduced to take into account the fact that they were originally payable from age 63 and are therefore being paid three years early. If you defer taking your benefits until the age of 63, an enhancement will be applied to benefits earned after 17 May 1990 to reflect late payment.
If you have protected status and left the Scheme due to redundancy or reorganisation, you will be able to take your deferred benefits at age 50 unless you waive this right when you leave.
If you don’t have protected status and left the Scheme due to redundancy or reorganisation, you will be able to take your deferred benefits at age 55 unless you waive this right when you left but discounting will be applied for early payment. This option doesn’t apply to members of the Cavendish Nuclear Section of the Scheme.
More information on early retirement for deferred members is available in your member booklet.
If the value of your Scheme benefits is £30,000 or less, you can ask to take it all as a lump sum, if that would work better for you in retirement.
If you take this option, your entitlement to benefits under the Scheme will stop and no death benefits will be payable if you die.
The value of your Scheme benefit is your Final Salary pension plus your CARE pension plus the pension equivalent of your 3x annual Final Salary pension lump sum.
Contact the Scheme administrator, Broadstone, for more information.
Always get impartial information and FCA-regulated advice before you take any action with your pension
If you’re contacted out of the blue, then don’t just use an adviser the caller suggests, as this may be part of the scam.
Similarly, if you're on the phone, a scammer may suggest you 'call someone else' to gain your trust. But even if you think you’ve hung up the scammer doesn't close the line. You may think you're on a new call speaking to a trusted adviser, when in fact you're still speaking to the scammer.
You can find more information about finding an adviser on the useful links page.
If you paid Additional Voluntary Contributions (AVCs) while you were an active member you have a number of options regarding when, to take them. For example, you can:
You may also decide to use your AVCs in a number of different way. For example, you can use some, or all of your AVCs to:
increase your pension - either within the Scheme (this option is only available to members who started paying AVCs before 6 April 2006) or by buying a pension (annuity) with another provider on the open market
There are a number of restrictions that apply. For example, if you wish to use your AVCs as an additional tax-free lump sum, the Rules first require a mandatory amount of CARE Pension to be given up for the tax-free lump sum. This is equivalent to the default lump sum you would have built up in the Scheme had CARE not been introduced. You can find out more about the steps used to calculate your tax-free lump sum in your member booklet.
You can find out more about taking your AVCs in the AVC guide linked below:
If you’ve paid Additional Voluntary Contributions (AVCs) you have a number of options regarding when, to take them. For example, you can:
You may also decide to use your AVCs in a number of different way. For example, you can use some, or all of your AVCs to:
increase your pension - either within the Scheme (this option is only available to members who started paying AVCs before 6 April 2006) or by buying a pension (annuity) with another provider on the open market
You can find out more in the AVC guide linked below:
You may be able to claim your Scheme benefits early for ill-health. This means that you are no longer able to carry out any work that the Company may reasonably offer you (taking into account your previous job role).
You will need to meet specific criteria to qualify for ill-health retirement, and your status will need to be confirmed by the Company’s appointed medical adviser.
If you meet the criteria, your pension and lump sum will be paid immediately. It will be calculated as if you had remained in service until your NPA. The calculations will include any back-service credit and any additional payments you may have made towards your pension. Certain tax limits will apply, though.
You can find more details about this and how your pension and lump sum will be calculated in your member booklet.
You may be able to exchange part of your pension to provide additional pension for your spouse, or to provide a pension for any other dependant when you die. The person named as your dependant can be:
If your dependant is a child, a children’s allowance may be payable. This would be payable until you child is 18 years old, or under 23 years old and in full-time education.
If you marry in retirement, your spouse would be entitled to a spouse’s pension. You won’t be able to make any changes to your pension once it has gone into payment.
Contact the Scheme administrator, Broadstone, for more information.
If the value of your Scheme benefits are £30,000 or less, you can ask to take it all as a lump sum, if that would work better for you in retirement. If you take this option, your entitlement to benefits under the Scheme will stop and no death benefits will be payable if you die.
The value of your Scheme benefit is your pension plus the pension equivalent of three times your annual pension lump sum.
Contact the Scheme administrator, Broadstone, for more information.
You may be able to exchange part of your pension for an additional lump sum.
You can see the current conversion factors below:
This would be paid in addition to your standard lump sum (as outlined above).
There are some restrictions so make sure to check your member booklet and lump sum allowance information.
You may be able to exchange part of your pension to provide additional pension for your spouse, or to provide a pension for any other dependant when you die. The person named as your dependant can be:
If your dependant is a child, they will not receive a dependant’s pension until they are 18 years old, unless they have a permanent disability.
Contact the Scheme administrator, Broadstone, for further details.
If the value of your Scheme benefits are £30,000 or less, you can ask to take it all as a lump sum, if that would work better for you in retirement.
If you take this option, your entitlement to benefits under the Scheme will stop and no death benefits will be payable if you die.
The value of your Scheme benefit is your pension plus the pension equivalent of your three times annual pension lump sum.
Contact the Scheme administrator, Broadstone, for further details.
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