Taking Your Pension
Your Pension Options
It's what you have been saving for and looking forward to. Learn all you need about when and how you can take your pension and the different retirement options available to you.
When Can I Take My Pension?
There are some general rules which apply to all members taking their pension:
- You can only choose to take your pension from age 55 and you must take your pension before your 75th birthday.
- If you take your pension before your Normal Pension Age, your pension may be reduced for early payment. The only exception to this is Ill Health Retirement and members who qualify for full Rule of 85 protection.
- You cannot cash in or withdraw your LGPS pension. If you are over 55 and wish to access some or all of your pension you would need to transfer it to another pension provider. Learn more about transfers.
What is Normal Pension Age?
Normal Pension Age (NPA) is simply the age you can take your pension benefits in full, unreduced. Normal Pension Age differs depending on when you were paying into the Pension Scheme:
- Before 1 April 2015:NPA = 65
- On or After 1 April 2015: NPA = State Pension Age, with a minimum of 65. That means those who have a State Pension Age lower than 65, still have a NPA of 65. As your Normal Pension Age is linked to your State Pension Age, if your State Pension Age changes so too will your Normal Pension Age. You can find out your State Pension Age at www.gov.co.uk
You cannot take your pre and post April 2015 benefits separately. They must be taken at the same time.
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Types of Retirement
There are a number of options for retiring and taking your pension, from early to late, or if you are too ill to continue working even ill health retirement.
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Rule of 85
Many people wonder what Rule of 85 is, if they have it and how it affects their pension.
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Early Access Reductions
Choosing to take your pension before your Normal Pension Age means that in most cases your pension will be reduced for early payment.
Find Out More
Claim your pension
Whether you are taking your pension normally, or you are looking to cash it in there are different ways to access your pension.
How much will my pension be?
See how taking your pension at different ages and under different circumstances impacts its value by logging into your My Pension account and using the pension calculators.
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More About Your Pension
Latest Updates
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My Pension is a useful resource for keeping up to date with your pension pot.
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With Earth Day approaching on the 22nd April, the Fund is considering it’s impact on the wider environment.
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The new tax year which starts on 6th April, often brings about annual pension changes.
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When you first join the scheme and every April after, your employer will decide your contribution rate.
