Retiring from Lilly
Your Normal Retirement Age is 65. You’ll receive a retirement quotation from Gallagher, the Plan Administrator, automatically six months before your 65th birthday. Your options at retirement will include taking a pension from the Plan, or a reduced pension with a lump sum, or you can choose to transfer your benefits to another provider.
You may be able to take your pension savings from age 55, which is the current Minimum Retirement Age – this is due to increase to age 57 in 2028. Lilly’s consent will be needed if you’re looking to retire before age 62.
If you retire earlier than age 65, your pension benefits will be reduced, because it will be paid for longer.
You can learn more about early retirement factors and how this would be calculated in the member booklet
You don’t need to work out these estimates yourself. If you log on to the member Portal, you can run a ‘Pensions Quotation’ for any age and the system the early retirement reductions will be applied for you.
To find out more on how the Pensions Quotation works watch our video.
If you’re yet to retire, you can generate a retirement quote within the Portal to see how much pension you might get in retirement.
You can continue to earn benefits past your Normal Retirement Age (65). Your pension will become payable when you request it. You may also continue to make additional contributions by paying SpECs.
When you’re ready to retire, you’ll need to contact Gallagher, the Plan Administrator, to send you a retirement pack