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|
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.Login Now