Early and flexible retirement reduction tables
Members who are 60 or over
If you are 60 or over, you can elect to receive your pension early by retiring from your post (“early retirement”). Furthermore, it is possible to reduce your hours or wage in the same post and receive your pension for service up to that point under the grounds of flexible retirement (subject to your employer offering and allowing you to choose this option).
In either case, if you choose to retire before age 65 your benefits willbe reduced to take account of being paid for longer. How much your benefits are reduced depends on how early you draw your benefits / how early you retire.
Please refer to the benefits reduction table below to work out how much your decrease would be.
Members aged between 55 and 59
Subject to the approval of your employer, it is possible to retire or to take flexible retirement before the age of 60. Your pension will be reduced depending on how early you draw your benefits – please see table below.
Important: It is rare that an employer will allow someone to retire before the age of 60 as they will have to pay costs to Wiltshire Pension Fund. As it is at your employer’s discretion, we will not process any estimate requests (in line with the table below) until we have permission from your employer.
Waivering reductions
In both of the above cases, your employer may opt to waiver the reductions. Again, this is quite rare as there will be cost implications for them.
Early/flexible retirement reduction percentages
No of years paid early before normal retirement age |
% pension reduction men |
% pension reduction women |
% retirement grant reduction all members |
|---|---|---|---|
0 | 0% | 0% | 0% |
1 | 6% | 5% | 2% |
2 | 11% | 10% | 5% |
3 | 16% | 15% | 7% |
4 | 20% | 19% | 9% |
5 | 24% | 23% | 12% |
6 | 28% | 27% | 14% |
7 | 32% | 30% | 16% |
8 | 35% | 33% | 18% |
9 | 38% | 36% | 20% |
10 | 41% | 39% | 22% |
11 | 44% | 42% | 24% |
12 | 47% | 45% | 26% |
13 | 50% | 47% | 27% |
14 | 52% | 49% | 29% |
15 | 54% | 51% | 31% |
This table is for illustration purposes and subject to change form the Government Actuary Department. You should ask your employer for an estimate to gain a more precise indication of what pension benefits your will receive.
Notes:
Normal retirement age is 65
unless you meet the rule of 85 at some point before 65.
Where the
number of years is not exact, the reduction percentages are adjusted accordingly.
- Example 1: Where a male retires 2.5 years early, their pension would normally be reduced by around13.5%
- Example 2: Where a female retires 3 years and 10 months early, their pension would normally be reduced by around 18%.
