Early Retirement
Age 60 or over
If you are aged 60 or over you may retire at any time. However, your pension will be subject to a reduction if you retire before the "normal retirement"age of 65 for both men and women (unless you meet the rule of 85).
Before age 60
For both active and deferred members, you must have your employer's consent to draw your benefits before age 60 and your pension will normally be reduced depending on how early you draw your benefits. Normally there will costs to your employer if you they give you their consent.
Refer to the benefits reduction table to work out how much your reduction would be.
Earliest retirement age
Active members: The earliest age an active scheme member can ask for early retirement is 55.
Deferred members: The earliest age a deferred scheme member can ask for early retirement is determined by the date they left the scheme.
- Members who left with a deferred benefit prior to 1 April 1998 can seek payment, with employer permission (but on compassionate grounds only), from age 50.
- Members who left with a deferred benefit on or after 1April 1998 and before 1 April 2008 can seek payment, with employer permission, from age 50.
- Members who left with a deferred benefit on or after 1 April 2008 can seek payment, with employer permission, from age 55
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