The normal retirement date is the first of the month on or after your 65th birthday. However, you can retire earlier. You can retire on the first of any month on or after your 55th birthday. It is also possible to retire after your normal retirement date.

If you want to retire early

In order to receive early retirement benefits you must be over the age of 55 and no longer working. You should notify Saxon Pension Services (Saxon Pension Services are Verdant Isle Pensions client services agent) and also notify your employer as soon as you choose a retirement date. You will be sent an Early Retirement Form. This form should be completed and returned to Saxon Pension Services at least 30 days before your planned retirement date. This form will be used to select your benefit option.

Keep in mind that if you return to work after your early retirement date but before age 65, your retirement benefits will be cancelled and you must resume contributions to the your Pension Plan.

If you want to begin receiving benefits at or after your normal retirement date

You can begin to receive your retirement benefits at any time after your 65th birthday, whether you are still working or not. To do so you need to notify Saxon Pension Services (Saxon Pension Services are Verdant Isle Pensions client services agent) that you would like to begin receiving benefits. You will be sent a Normal Retirement Form. This form should be completed and returned to Saxon Pension Services.

The Normal Retirement Form is the form you use to select your benefit option. See Your benefit options for more details.

Keep in mind that if you keep working or return to work after your normal retirement date, you will not be required to make basic contributions, any contributions received from you or your employer will be treated as AVCs (Additional Voluntary Contributions)

Manage Your Retirement

Planning for retirement is a significant milestone that requires careful consideration and preparation. By managing your retirement effectively, you can ensure a comfortable and fulfilling life post-retirement. Here are some essential topics to consider before retiring:

Financial Planning

Assess your current financial situation and create a retirement budget, considering expenses such as housing, healthcare, travel, and daily living costs. Review your savings, investments, and retirement accounts to ensure your portfolio is diversified and aligned with your retirement goals. Understand your pension plan options and determine the best time to start claiming benefits to maximize your income.

Healthcare and Insurance

Estimate potential healthcare expenses and plan for long-term care if needed. Explore Medicare options and supplemental health insurance plans to cover gaps in coverage. Consider life insurance and long-term care insurance to protect your assets and provide for your loved ones.

Estate Planning

Ensure your will is up to date and consider setting up a trust to manage your assets. Assign a power of attorney to manage your financial and healthcare decisions if you become unable to do so. Review and update beneficiary designations on retirement accounts, life insurance policies, and other financial documents.

Transition Planning

Consider transitioning into retirement gradually by working part-time or taking on consulting roles. Develop an exit strategy for your current job, including knowledge transfer and succession planning. Prepare emotionally for the transition to retirement by speaking with a retirement coach or counselor to address any concerns or anxieties.

Starting Your Retirement Plan

The normal retirement date is the first of the month on or after your 65th birthday. However, you have the flexibility to retire earlier, beginning on the first of any month on or after your 55th birthday. It is also possible to retire after your normal retirement date. 

If you want to retire early

To receive early retirement benefits, you must be over the age of 55 and no longer working. Notify Saxon Administration Ltd., the Administrative Agent for Verdant Isle Pension Plan, and your employer as soon as you choose a retirement date. You will then be sent an Early Retirement Form, which must be completed and returned to Saxon Administration at least 30 days before your planned retirement date. This form will allow you to select your benefit option.

Keep in mind that if you return to work after your early retirement date but before age 65, your retirement benefits will be canceled, and you must resume contributions to your Pension Plan. 

If you want to begin receiving benefits at or after your normal retirement date

You can begin to receive your retirement benefits at any time after your 65th birthday, regardless of whether you are still working. To start receiving benefits, notify Saxon Administration Ltd. You start the application process by completing a Normal Retirement Form (insert Normal Retirement Form), which should be completed and returned to Saxon Administration.

Keep in mind that if you continue to work or return to work after your normal retirement date, you will not be required to make mandatory contributions. Any contributions received from you, or your employer will be treated as Additional Voluntary Contributions (AVCs). AVCs can be accessed at anytime upon request.