Taking Your Pension Early

Most would prefer to retire sooner rather than later. However if you choose to take your pension before your Normal Pension Age, it will likely be reduced. The only exception to this is ill health retirement and members who qualify for full Rule of 85 protection.

Why is my pension reduced if I take it early?

As you are choosing to take your pension earlier than expected, your pension needs to stretch and be paid over a longer period of time. To ensure it can be paid over the entirety of your retirement, the amount you are paid each year is reduced to cover the additional years.

No. of Years Paid Early Annual Pension Reduction Lump Sum Reduction
0 0% 0%
1 5.0% 1.7%
2 9.7% 3.3%
3 14.0% 4.9%
4 18.0% 6.5%
5 21.6% 8.1%
6 25.0% 9.6%
7 28.2% 11.1%
8 31.2% 12.6%
9 34.0% 14.1%
10 36.6% 15.5%
11 40.6% N/A
12 42.9% N/A
13 45.1% N/A

So how much will my pension be?

You can find out exactly how much your pension would be if you were to take it early by logging into My Pension+. Simply input the date you want to take your pension and see its value change.

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