The earliest most people can take their pension is currently age 55. From April 2028 this will increase to age 57, with the exception of retiring early on the grounds of ill health.
Most defined benefit pension schemes, such as ours, have a ‘normal retirement age’. This is the age you can start to take your pension benefits without any reduction. However most do offer the flexibility of taking it slightly earlier, and since the pension will be paid out for a longer period, the total amount is adjusted (reduced) to reflect this.
If you’re under age 55 and planning to take your pension early, you might need to factor this change into your plans. Any arrangements that offer you earlier access to your pension are almost certainly a scam – make sure you know the rules about when you can take your pension, so you don’t get caught out.
You can find out how much your pension might be at your chosen retirement date by logging in to your pension account on the M&S Pension Scheme Portal and clicking on the Retirement Planner. If you need help using the Portal, you can find instructions, including how to register or reset your login details here.