If you want to carry on working
If you feel you want to reduce your working hours and ease into retirement, this is something you need to discuss with your manager first.
You may be able to take your Pace DB pension (from the age of 55*) and carry on working for The Bank. If you do this, please note that:
- You are not required to take benefits from Pace DB and the Co-operative Bank Pension Savings Plan (was Pace DC) at the same time.
- If you are entitled to an additional life assurance lump sum of 3 x Salary as a former member of Pace DB, this cover will continue for as long as you are paying into the Co-operative Bank Pension Savings Plan (was Pace DC).
- Your pension will be taxed under Pay As You Earn (PAYE).
If you continue working for The Bank, the law says we must enrol you into a qualifying pension scheme approximately every three years, if you meet the Government’s criteria. You will have the option to opt out, if you wish.
*Rising to age 57 from 6 April 2028