If you are a member of the DC Section, you are
currently eligible to take your money from age 55. This will increase to age 57
in 2028. If you have more than one type of pension savings at DHL, you may be
required to take them both together, although note that any DB pension would be
reduced in line with the Plan rules if paid early.
First Tier members
If you joined the First Tier before 6 April 1997, you would have been contracted out of the State Second Pension (S2P – formerly known as SERPS), which started in April 1978.
This meant that both you and the Company paid a lower rate of National Insurance contributions on part of your earnings at that time.
In return for the saving, the Plan guaranteed that the pension paid to members would never be less than the pension which would otherwise have been paid under S2P. Prior to 6 April 1997, the equivalent S2P was known as the Guaranteed Minimum Pension (GMP). This means that when you reach your State Pension Age the Plan will be responsible for paying your GMP.
In addition, HMRC
rules currently allow pension benefits to be taken early, at any time from age
55 (rising to age 57 in 2028). However, the Trustee of the DHL Group Retirement
Plan must ensure that the pension received covers your GMP payable at State
Pension Age. Therefore, the Plan rules will not allow a pension to be paid
before the Plan’s Normal Retirement Date if it does not cover the GMP.
If you are unsure whether these restrictions would apply to you, please contact the Pensions Department via email at
dhl.uk.pensions@dhl.com.
- Your National Insurance number
- Your membership number.