North East Scotland Pension Fund

Main Menu

Retirement from 55

The majority of members regardless of when they were paying into the Pension Scheme can now choose to take their pension benefits from age 55. See below for rule differences for Pension Credit members.

Remember if you choose to take your pension before your Normal Pension Age, your pension may be reduced due to early payment. You can see more about reduction rates for early payment on the Pension Reductions & Increase page.


Rule of 85

There are no changes to Rule of 85 protection. Rule of 85 will only be applied if you take your pension benefits from age 60. So even if you meet the Rule of 85 before your 60th birthday, your benefits would still be reduced if you took them before age 60. The only exception to this is if your employer decides to "switch rule of 85 on" before age 60 and in doing so takes on the additional cost of paying your benefits early. You would need to speak to your employer about their policy on this.


Rules for Pension Credit Members

The change in regulation only allows some Pension Credit members to take their pension from age 55.

Only those whose Pension Credit was awarded after 1 April 2015 and only if the original member was actively paying into the Pension Scheme on or after 1 April 2015, can take their pension from age 55.

If the above doesn't apply, the earliest you can choose to take your pension remains age 60.