Early retirement
If you have Unilever's and the Trustees' consent, you can currently retire and draw a pension at any age from 55 onwards.
If you retire early, you will receive the Career average pension you have built up at the date you retire.
Your pension will then be reduced to take account of its early payment – that is, the expectation that you will receive it for longer than if you had started it at age 65.
This reduction is currently 4.5% for each year you retire before age 65. Unilever decides this reduction after taking professional advice, and may vary it (up or down) from time to time.
Example
You have built up a pension amount of £1,435 a year.
If you retire at age 60, the reduction will be 4.5% x the 5 years you have retired before age 65 = 22.5%. 22.5% of £1,435 = £322.
So, your pension at age 60 would be £1,435 – £322 = £1,113 a year.