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Early Retirement
The minimum age that early retirement benefits can be paid for Members leaving active service with an immediate entitlement to pension is age 55 and is subject to consent from your Employer. If you retire from service between the ages of 55 and 64, your pension may be reduced for each year and month that you retire early. The following tables set out the reductions to apply for early payment.
Early Retirement At Employer’s Request
-
If you joined the Scheme before 1 December 2006:
Service
Ages 55-59
Ages 60-64
Up to 1 April 2006
No reduction
No reduction
Between 1 April 2006 and 5 April 2010
No reduction
No reduction
From 6 April 2010
Reduction of 5% p.a. back from age 60
No reduction
-
If you joined the Scheme on or after 1 December 2006:
Service
Ages 55-59
Ages 60-64
Between 1 December 2006 and 5 April 2010
No reduction
No reduction
From 6 April 2010
Reduction of 5% p.a. back from age 60
No reduction
Early Retirement with Consent
-
If you joined the Scheme before 1 December 2006:
Service
Ages 55-59
Ages 60-64
Up to 1 April 2006
Reduction of 3% p.a. back from age 60*
No reduction
From 1 April 2006
Reduction of 5% p.a. back from age 60
No reduction
*equivalent reduction for former Acquisition Section Member is 5% p.a.
-
If you joined the Scheme on or after 1 December 2006:
Service
Ages 55-59
Ages 60-64
From 1 December 2006
Reduction of 5% p.a. back from age 65
Reduction of 5% p.a. back from age 65